Company Update (NASDAQ:DVAX): Dynavax Technologies Corporation Reports Second Quarter 2015 Financial Results


Dynavax Technologies Corporation (NASDAQ:DVAX) reported financial results for the second quarter ended June 30, 2015.

The Company had $93.4 million in cash, cash equivalents and marketable securities as of June 30, 2015, compared to $97.6 million at March 31, 2015. The cash, cash equivalents and marketable securities balance as of June 30, 2015 includes net proceeds of approximately $20.2 million as a result of stock sales under an at the market sales agreement (ATM). In July 2015, the Company received additional cash of approximately $29 million resulting from stock sales under the ATM and also completed an underwritten public offering of common stock resulting in net proceeds of approximately $135 million.

Operating expenses of $24.8 million for the quarter ended June 30, 2015 decreased by $2.3 million compared to the quarter ended March 31, 2015 as clinical costs associated with HBV-23, the ongoing Phase 3 clinical study of HEPLISAV-B™, Dynavax’s investigational adult hepatitis B vaccine, began to decline as it progressed towards its expected completion in October 2015.

The net loss allocable to common stockholders for the quarter ended June 30, 2015 was $23.6 million, or $0.80 per basic and diluted share. The net loss allocable to common stockholders for the quarter ended March 31, 2015 was $26.2 million, or $0.97 per basic and diluted share.

“With the completion of our recent financing we are well positioned to support the ongoing development of HEPLISAV-B and SD-101, our investigational cancer immunotherapeutic product, and to continue preparations for the anticipated commercial launch of HEPLISAV-B in the United States, subject to approval by the Food and Drug Administration,” said Eddie Gray, Chief Executive Officer of Dynavax. (Original Source)

Shares of Dynavax Technologies opened today at $27.7 and are currently trading down at $26.88. DVAX has a 1-year high of $30.75 and a 1-year low of $13.20. The stock’s 50-day moving average is $26.43 and its 200-day moving average is $22.08.

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 56.3% from current levels. According to TipRanks.com, Xu has a total average return of 18.3%, a 56.4% success rate, and is ranked #440 out of 3728 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.

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