Spooked investors sent shares of Dendreon Corp. tumbling July 1 after the Centers for Medicare & Medicaid Services said it had initiated a national coverage analysis to determine whether the firm's prostate cancer immunotherapy Provenge (sipuleucel-T) is a "reasonable and necessary" medication for beneficiaries. Shares of Seattle-based Dendreon (NASDAQ:DNDN) had fallen to $28.01, before recovering somewhat to close at $30.13, a loss of $2.20.
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