In a note to investors on Friday morning, Canaccord Genuity life sciences analyst George Farmer, Ph.D. reiterated his BUY rating on shares of Dendreon.

Recently Dendreon has announced a 500 employee workforce reduction and the departure of chief operating officer Hans Bishop.

Dr. Farmer said, “The company’s report of 16% monthly Provenge sales growth still implies headwinds, but affirms value of the Provenge asset, in our view and justify our BUY rating and $19 price target.

Provenge developed by Dendreon, is a treatment for prostrate cancer.

“Longer term, we see DNDN becoming cash flow positive during the first half of 2014. In addition, we see financing risk significantly mitigated and sufficient cash build to support repayment of $540 million in debt due 2016.”