Dynavax Technologies Corporation (DVAX) Shares Gap Up After Analyst Upgrade

Dynavax Technologies Corporation (NASDAQ:DVAX)’s share price gapped up prior to trading on Friday after Cantor Fitzgerald raised their price target on the stock from $24.00 to $25.00. The stock had previously closed at $18.35, but opened at $20.25. Cantor Fitzgerald currently has an overweight rating on the stock. Dynavax Technologies Corporation shares last traded at $20.25, with a volume of 9742917 shares traded.

The analysts wrote, “Launch in 1Q18. Dynavax anticipates launching the product in 1Q18 and previously noted drug supply of over 250,000 vials of product available by the time of launch, with an additional 750,000 vials worth of raw material. In 2H18, Dynavax expects its Dusseldorf plant to manufacture drug supply. We estimate the current supply will support commercialization for over two years, providing ample runway to produce additional supply.””

DVAX has been the subject of a number of other research reports. Royal Bank of Canada reaffirmed a “buy” rating and issued a $26.00 target price on shares of Dynavax Technologies Corporation in a report on Friday, September 1st. Cowen and Company reaffirmed a “buy” rating and issued a $30.00 target price on shares of Dynavax Technologies Corporation in a report on Friday, November 3rd. William Blair reaffirmed an “outperform” rating on shares of Dynavax Technologies Corporation in a report on Thursday, July 27th. ValuEngine raised Dynavax Technologies Corporation from a “sell” rating to a “hold” rating in a report on Thursday, September 7th. Finally, J P Morgan Chase & Co raised Dynavax Technologies Corporation from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $6.00 to $27.00 in a report on Monday, July 31st. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $25.17.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its position in shares of Dynavax Technologies Corporation by 2.3% in the 1st quarter. Bank of America Corp DE now owns 20,356 shares of the biopharmaceutical company’s stock valued at $121,000 after buying an additional 456 shares during the last quarter. Nationwide Fund Advisors grew its position in shares of Dynavax Technologies Corporation by 2.5% in the 2nd quarter. Nationwide Fund Advisors now owns 28,359 shares of the biopharmaceutical company’s stock valued at $274,000 after buying an additional 692 shares during the last quarter. Parametric Portfolio Associates LLC grew its position in shares of Dynavax Technologies Corporation by 3.6% in the 1st quarter. Parametric Portfolio Associates LLC now owns 27,151 shares of the biopharmaceutical company’s stock valued at $162,000 after buying an additional 939 shares during the last quarter. American International Group Inc. grew its position in shares of Dynavax Technologies Corporation by 7.1% in the 1st quarter. American International Group Inc. now owns 23,934 shares of the biopharmaceutical company’s stock valued at $142,000 after buying an additional 1,584 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC grew its position in shares of Dynavax Technologies Corporation by 16.5% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 12,000 shares of the biopharmaceutical company’s stock valued at $108,000 after buying an additional 1,700 shares during the last quarter. Hedge funds and other institutional investors own 59.84% of the company’s stock.

Dynavax Technologies Corporation (NASDAQ:DVAX) last released its quarterly earnings results on Friday, November 3rd. The biopharmaceutical company reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.15. Dynavax Technologies Corporation had a negative return on equity of 65.97% and a negative net margin of 1,177.60%. The firm had revenue of $0.05 million for the quarter, compared to analyst estimates of $0.28 million. During the same quarter in the previous year, the company posted ($0.90) EPS. The business’s revenue was down 68.8% on a year-over-year basis. equities analysts expect that Dynavax Technologies Corporation will post -1.72 EPS for the current year.

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About Dynavax Technologies Corporation

Dynavax Technologies Corporation is a clinical-stage immunotherapy company. The Company is focused on leveraging the body’s innate and adaptive immune responses through toll-like receptor (TLR) stimulation. Its product candidates are being investigated for use in multiple cancer indications, as a vaccine for the prevention of hepatitis B and as a disease modifying therapy for asthma.

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