Dynavax Technologies Corporation (NASDAQ:DVAX) announced that it intends to offer and sell shares of its common stock, subject to market and other conditions, in an underwritten public offering. Dynavax also expects to grant the underwriters a 30-day option to purchase additional shares of common stock to cover over-allotments, if any. Dynavax anticipates using the net proceeds from the proposed offering to fund activities associated with completing the ongoing Phase 3 HBV-23 study of HEPLISAV-B™, seeking regulatory approval of HEPLISAV-B in the United States, and preparing for the anticipated U.S. commercial launch of HEPLISAV-B, should HEPLISAV-B gain approval by the Food and Drug Administration. In addition, net proceeds from the offering will support continuing the clinical development of our investigational cancer immunotherapeutic product candidate, SD-101, and for other general corporate purposes, including working capital.
Cowen and Company, RBC Capital Markets and William Blair are acting as joint book-running managers for the offering. (Original Source)
Shares of Dynavax Technologies are trading down 3.4% to $27.31 following the public offering announcement. DVAX has a 1-year high of $29.83 and a 1-year low of $13.10. The stock’s 50-day moving average is $23.61 and its 200-day moving average is $21.09.
On the ratings front, William Blair analyst Y Katherine Xu reiterated a Buy rating on DVAX, with a price target of $42, in a report issued on July 9. The current price target implies an upside of 51.2% from current levels. According to TipRanks.com, Xu has a total average return of 20.8%, a 61.5% success rate, and is ranked #377 out of 3711 analysts.
Dynavax Technologies Corp is a clinical-stage biopharmaceutical company. The Company is engaged in thedevelopment for the prevention of infectious disease, the treatment of autoimmune and inflammatory diseases, and the treatment of cancer.