Dynavax Technologies Corporation (NASDAQ:DVAX) reported financial results for the third quarter endedSeptember 30, 2015.
The Company had $220.7 million in cash, cash equivalents and marketable securities as of September 30, 2015, compared to $93.4 million at June 30, 2015. The balance at September 30, 2015 includes approximately $164 million of net proceeds from sales of common stock in the third quarter and reflects payment of all principal and accrued interest, prepayment charges and other fees totaling approximately $11 million under a loan agreement.
Operating expenses of $29.6 million for the quarter ended September 30, 2015 increased by $4.8 million compared to the quarter ended June 30, 2015primarily due to production, clinical trial and commercial preparation costs.
We recently initiated a clinical trial to evaluate the combination of our cancer immunotherapeutic product candidate SD-101 and Merck’s KEYTRUDA®(pembrolizumab) in patients with metastatic melanoma. All study visits for HBV-23, the Phase 3 clinical study of HEPLISAV-B™, were completed in October 2015. Top line results of this study are expected to be released in early 2016.
The net loss allocable to common stockholders for the quarter ended September 30, 2015 was $30.1 million, or $0.82 per basic and diluted share. The net loss allocable to common stockholders for the quarter ended June 30, 2015 was $23.6 million, or $0.80 per basic and diluted share. (Original Source)
Shares of Dynavax Technologies closed yesterday at $25.09. DVAX has a 1-year high of $32.49 and a 1-year low of $13.99. The stock’s 50-day moving average is $25.12 and its 200-day moving average is $25.05.
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 represents a potential upside of 67.4% from where the stock is currently trading. According to TipRanks.com, Xu has a total average return of 10.6%, a 51.1% success rate, and is ranked #701 out of 3824 analysts.
Dynavax Technologies Corp is a clinical-stage biopharmaceutical company. The Company is engaged in the development for the prevention of infectious disease, the treatment of autoimmune and inflammatory diseases, and the treatment of cancer.