Company Update (NASDAQ:DVAX): Dynavax Technologies Corporation Prices Public Offering of Common Stock
Dynavax Technologies Corporation (NASDAQ:DVAX) announced the pricing of a previously announced underwritten public offering of 4,545,455 shares of its common stock, offered at a price to the public of $27.50 per share. The gross proceeds to Dynavax from this offering are expected to be approximately $125 million, before deducting the underwriting discount and other estimated offering expenses payable byDynavax. Dynavax has granted the underwriters a 30-day option to purchase at the public offering price up to an aggregate of 681,818 additional shares of its common stock to cover over-allotments, if any. The offering is expected to close on or about July 27, 2015, subject to customary closing conditions. Dynavaxanticipates 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 are acting as joint book-running managers for the offering.(Original Source)
Shares of Dynavax Technologies closed yesterday at $27.77. DVAX has a 1-year high of $29.83 and a 1-year low of $13.10. The stock’s 50-day moving average is $23.75 and its 200-day moving average is $21.17.
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 51.2% from current levels. According to TipRanks.com, Xu has a total average return of 20.5%, a 61.5% success rate, and is ranked #384 out of 3711 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.