Dynavax Technologies Corporation (NASDAQ:DVAX) announced that the independent Data and Safety Monitoring Board (DSMB) charged with periodically reviewing safety data from HBV-23, the ongoing Phase 3 clinical study of HEPLISAV-B, Dynavax’sinvestigational adult hepatitis B vaccine, has completed its third prespecified review and has recommended that the study continue unchanged.
The third DSMB review included safety data for all enrolled subjects collected through the data cut-off in June. As of the cut-off, all continuing subjects who had received the second immunization (which was the last active dose for HEPLISAV-B subjects) had reached at least 8 months of the requisite one year follow-up after the second immunization. The DSMB reviewed unblinded tables and listings presenting key safety data. Based on this review, the DSMB recommended continuing HBV-23 with no change to the study.
Over 2,200 subjects have completed their final study visit and all study visits for HBV-23 are expected to be completed by October 2015. Top line results are expected to be released by early 2016.
Separately, Dynavax announced that its cash, cash equivalents and marketable securities at June 30, 2015 were approximately $93.4 million, which does not include approximately $28.8 million in additional cash resulting from stock sales following the end of the quarter under the Company’s at-the-market sales agreement (“ATM agreement”). The ATM agreement has concluded because the Company has reached $50 million of gross proceeds as specified in the ATM agreement. At July 8, 2015, the Company had approximately 31,400,000 shares of common stock outstanding and approximately 17,000 shares of preferred stock outstanding which are convertible into approximately 1,700,000 shares of common stock. (Original Source)
Shares of Dynavax Technologies closed yesterday at $24.42. DVAX has a 1-year high of $26.89 and a 1-year low of $13.10. The stock’s 50-day moving average is $22.20 and its 200-day moving average is $20.40.
On the ratings front, J.P. Morgan analyst Anupam Rama upgraded DVAX to Buy, with a price target of $36, in a report issued on March 23. The current price target implies an upside of 47.4% from current levels.
According to TipRanks.com, Rama has a total average return of 87.7%, a 71.4% success rate, and is ranked #274 out of 3694 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.