Dynavax Technologies Corporation (NASDAQ:DVAX) announced initiation of dosing in patients with non-small cell lung cancer (NSCLC). This multi-center, open label trial is designed to evaluate safety and identify the optimal dose for a potential expansion phase of the study. The dose escalation study is expected to enroll approximately 24 patients in 5 cohorts with advanced NSCLC that has progressed on previous therapy. Dynavax engineered DV281 specifically for inhalation to facilitate local administration of a TLR9 agonist to lung tumors which are not easily accessible for intratumoral injection. NSCLC is the third tumor type, in addition to melanoma and squamous cell carcinoma of the head and neck, where Dynavax is studying aTLR9 agonist in combination with an anti-PD-1 therapy.
Edward Garon, M.D., Associate Professor of Medicine at the David Geffen School of Medicine at UCLA is the primary investigator on the study.
Shares of Dynavax are down nearly 2% to $20.00 in pre-market trading Thursday. DVAX has a 1-year high of $24.45 and a 1-year low of $3.20. The stock’s 50-day moving average is $21.07 and its 200-day moving average is $12.19.
On the ratings front, Dynavax stock has been the subject of a number of recent research reports. In a report issued on September 27, Cantor analyst Elemer Piros reiterated a Buy rating on DVAX, with a price target of $24, which implies an upside of 18% from current levels. On September 25, RBC’s Nicholas Keher reiterated a Buy rating on the stock and has a price target of $28.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Elemer Piros and Nicholas Keher have a yearly average return of 5.1% and a loss of -0.2% respectively. Piros has a success rate of 50% and is ranked #1271 out of 4695 analysts, while Keher has a success rate of 56% and is ranked #3394.
Sentiment on the street is mostly bullish on DVAX stock. Out of 5 analysts who cover the stock, 5 suggest a Buy rating . The 12-month average price target assigned to the stock is $28, which implies an upside of 37% from current levels.
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 firm’s other products under pipeline are SD-101, DV1179 Autoimmune Disease and AZD1419 Asthma Therapy.