MLV Reiterates Buy On Dynavax Technologies As It Regains Rights To DV1179

In a research report sent to investors today, MLV analyst Vernon Bernardino reiterated a Buy rating on Dynavax Technologies (NASDAQ:DVAX), as the company announced that it will regain full rights to its Toll-Like Receptor (TLR) 7 and TLR9 bifunctional inhibitor, DV1179, from GlaxoSmithKline, as a result of expiration of the parties’ R&D collaboration and license agreement, and GSK’s decision to decline to exercise an option for DV1179. The analyst also adjusted his price target to $25 (from $50), following the the recent 1-for-10 reverse stock split.

Bernardino wrote, “We believe there is untapped value in the TLR assets, which continues to advance in asthma with DVAX’s TLR9 agonist, AZD1419, and SD101, a TLR9 agonist in Ph 1/2 development in B-cell lymphoma, whose value are not built into our models but may materialize in the next 4-8 months.

Furthermore, “We look to gain further insight into the potential value of DVAX’s TLR programs at the upcoming R&D Day to be held in NYC, December 11th. We reiterate our Buy rating, and to reflect our projection for increased OpEx.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Vernon Bernardino has a total average return of 13.1% and a 19.0% success rate. Bernardino has a 736.0% average return when recommending DVAX, and is ranked #904 out of 3388 analysts.

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