Company Update (NASDAQ:DVAX): Dynavax Technologies Corporation Announces Exercise in Full of Over-Allotment Option and Completion of Public Offering of Common Stock
Dynavax Technologies Corporation (NASDAQ:DVAX) announced the completion of an underwritten public offering of 5,227,273 shares of its common stock, including 681,818 shares sold pursuant to the full exercise of an over-allotment option previously granted to the underwriters. All of the shares were offered by Dynavax at a price to the public of $27.50 per share. The net proceeds to Dynavax from this offering were approximately $135 million, after deducting the underwriting discount and other estimated offering expenses payable by Dynavax. 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 acted as joint book-running managers for the offering. (Original Source)
Shares of Dynavax Technologies closed yesterday at $28.55. DVAX has a 1-year high of $29.93 and a 1-year low of $13.10. The stock’s 50-day moving average is $24.53 and its 200-day moving average is $21.49.
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 47.1% from current levels. According to TipRanks.com, Xu has a total average return of 20.6%, a 56.4% success rate, and is ranked #364 out of 3717 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.