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Welcome to the Wealth Daily Weekend Edition — our insights from the week in investing and links to our most-read Wealth Daily and sister publication articles. “Sell! Sell! Sell!” shouted Mad Money man Jim Cramer in March 2007, advising thousands — if not millions — that an FDA advisory panel would vote Dendreon’s treatment unsafe and ineffective. But what did he know? The FDA voted unanimously that the drug was safe and very much effective the next day. Of course, Cramer admitted to his mistake in confusing Provenge with Provaisic, a drug from the movies. But this wasn’t the first time Cramer “made a mistake” with Dendreon… and it wouldn’t be the last. It was September 2005 when Cramer announced news that Dendreon’s Provenge — a possible treatment for prostate cancer — was a flop. Here was a treatment that thousands of men were counting on… and Jim Cramer said the treatment was rejected by the FDA, that it’d never go to market. But Cramer had no idea what he was talking about… Advertisement Beat Big Pharma to the profits on a breakthrough that’s bigger than penicillin Right under the nose of the drug giants, this small American company has developed the genetic key to eradicating the world’s deadliest diseases — influenza, malaria, HIV, and many of the major killer cancers … Get in on this tiny stock before news of their breakthrough “cell-shock” technology gets out — and your chance at 1000 times your money is gone forever. Dendreon hadn’t even submitted an application for the FDA approval for Provenge. In fact, the drug was just making its way through Phase 3 clinical trials at the time. And anyone following Dendreon knew the chances for a favorable advisory panel review were good, as Phase 3 demonstrated that Provenge significantly increased patient survival with minimal side effects. But in April 2009, Cramer announced “I don’t like Dendreon,” shouting that it had no chance of FDA approval. Again, “Sell! Sell! Sell!” This all transpired right before the underlying stock popped from about $6 to $25. ( Options Trading Pit readers banked 338% when this stock ballooned.) According to sources:* On April 28, at 11:22 am — just hours before Dendreon’s triumph in Chicago — an anonymous message board author on Yahoo! Finance posted this message: “HIGH PROBABILITY OF MASSIVE BEAR RAID… DNDN [Dendreon] could easily drop 50% on a massive bear raid…it’s coming today@12:30 pm central. ” Just minutes before 12:30 pm central, Dendreon’s stock price …
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How Wall Street Hoses Main Street
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