Dynavax Technologies Corporation (NASDAQ:DVAX) reported financial results for the fourth quarter and year ended December 31, 2015.
The Company had $196.1 million in cash, cash equivalents and marketable securities as of December 31, 2015.
Total revenues for the year ended December 31, 2015, decreased by $7.0 million or 63 percent compared to the same period in 2014, primarily due to a $5.2 million decrease in collaboration revenue due to winding down of work performed for the AZD1419 program and expiration of our collaboration agreement with GSK in 2014.
Operating expenses increased by $6.8 million or seven percent during 2015 compared to 2014, primarily due to costs related to HBV-23, the Phase 3 clinical study of HEPLISAV-B™ completed in October 2015, preparation for the commercial launch of HEPLISAV-B in the United States and clinical trial expense for SD-101, Dynavax’s cancer immunotherapeutic product candidate.
The net loss allocable to common stockholders for the year ended December 31, 2015 was $106.8 million, or $3.25 per share, compared to $90.7 million, or$3.45 per share for the year ended December 31, 2014.
“During 2015, we completed HBV-23 and significantly strengthened the Company’s cash position. Earlier this year we reported that this third pivotal study had met both co-primary endpoints. We plan to resubmit the HEPLISAV-B BLA (Biologics License Application) to the FDA by the end of this month. Based on our expectation of a six-month review, if our application is approved we expect to launch this product in the fourth quarter of this year,” said Eddie Gray, chief executive officer of Dynavax. (Original Source)
Shares of Dynavax closed yesterday at $17.75. DVAX has a 1-year high of $32.49 and a 1-year low of $15.80. The stock’s 50-day moving average is $20.46 and its 200-day moving average is $24.52.
On the ratings front, Cowen analyst Phil Nadeau reiterated a Buy rating on DVAX, with a price target of $60, in a report issued on January 7. The current price target implies an upside of 238.0% from current levels. According to TipRanks.com, Nadeau has a total average return of 1.0%, a 40.0% success rate, and is ranked #1478 out of 3698 analysts.
Dynavax Technologies Corp is a clinical-stage biopharmaceutical company. The Company is engaged in the development for the prevention of infectious disease, the treatment of autoimmune and inflammatory diseases, and the treatment of cancer.