Dynavax Technologies Corporation (NASDAQ:DVAX) announced the pricing of a previously announced underwritten public offering of 5,000,000 shares of its common stock, offered at a price to the public of $15.00 per share, nearly 13% discount to yesterday’s closing price.

In reaction, Dynavax shares are down about 7% to $15.95 in pre-market trading Thursday.

The gross proceeds to Dynavax from this offering are expected to be approximately $75 million, before deducting the underwriting discount and other estimated offering expenses payable by Dynavax. Dynavax has granted the underwriters a 30-day option to purchase at the public offering price up to an aggregate of 750,000 additional shares of its common stock to cover over-allotments, if any. The offering is expected to close on or about August 15, 2017, subject to customary closing conditions.

Dynavax anticipates using the net proceeds from the proposed offering to fund activities associated with 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 its lead investigational cancer immunotherapeutic product candidates, SD-101 and DV281, continuing research and development activities, and for other general corporate purposes, including working capital.

On the ratings front, Dynavax has been the subject of a number of recent research reports. In a report issued on August 7, William Blair analyst Y Katherine Xu reiterated a Buy rating on DVAX, with a price target of $30, which implies an upside of 74% from current levels. Separately, on August 3, Cowen’s Phil Nadeau reiterated a Buy rating on the stock and has a price target of $30.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Y Katherine Xu and Phil Nadeau have a yearly average return of 17.4% and 12.2% respectively. Xu has a success rate of 53% and is ranked #490 out of 4628 analysts, while Nadeau has a success rate of 54% and is ranked #315.

Overall, 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $28.67 which is 66.7% above where the stock closed yesterday.

Dynavax Technologies Corp. is a clinical-stage biopharmaceutical company that uses toll-like receptor biology to discover and develop novel vaccines and therapeutics. The company’s development programs are organized under its three areas of focus: vaccine adjuvants, cancer immunotherapy, and autoimmune and inflammatory diseases. Its lead product candidate is HEPLISAV, a Phase III investigational adult hepatitis B vaccine. The company’s other products under pipeline are SD-101, DV1179 Autoimmune Disease and AZD1419 Asthma Therapy.