Dynavax Technologies Corporation (DVAX) Shares Jump on NDA Acceptance
Dynavax Technologies Corporation (NASDAQ:DVAX) investors cheer the news that the FDA has accepted for review Dynavax’s responses to the Complete Response Letter (CRL) issued by the FDA in November 2016 for the Biologics License Application for HEPLISAV-B, the company’s vaccine candidate for immunization against hepatitis B infection in adults 18 years of age and older. The FDA has established August 10, 2017 as the Prescription Drug User Fee Act (PDUFA) action date.
Dynavax shares reacted to update, rising over 20% to $5.54 in after-hours trading Tuesday. DVAX has a 1-year high of $23.62 and a 1-year low of $3.20. The stock’s 50-day moving average is $4.09 and its 200-day moving average is $8.04.
On the ratings front, DVAX has been the subject of a number of recent research reports. In a report issued on January 6, Cowen analyst Phil Nadeau reiterated a Buy rating on DVAX, with a price target of $45, which represents a potential upside of 934% from where the stock is currently trading. On November 15, William Blair’s Y Katherine Xu maintained a Buy rating on the stock and has a price target of $17.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Phil Nadeau and Y Katherine Xu have a yearly average return of 6.5% and 12.7% respectively. Nadeau has a success rate of 56% and is ranked #647 out of 4504 analysts, while Xu has a success rate of 49% and is ranked #659.
Dynavax Technologies Corp. is a clinical-stage biopharmaceutical company that uses toll-like receptor biology to discover and develop novel vaccines and therapeutics. The company’s development programs are organized under its three areas of focus: vaccine adjuvants, cancer immunotherapy, and autoimmune and inflammatory diseases. Its lead product candidate is HEPLISAV, a Phase III investigational adult hepatitis B vaccine. The company’s other products under pipeline are SD-101, DV1179 Autoimmune Disease and AZD1419 Asthma Therapy.