Stock News in Spotlight: Dynavax Technologies (NASDAQ:DVAX)

Technology

Dynavax Technologies Corporation (NASDAQ:DVAX) declined -8.98% to $5.78 along volume of 5266407 shares in recent session compared to an average volume of 1180.91K. The stock showed return of -8.25% in 5 days trading activity. DVAX’s shares are at -44.21% for the quarter and driving a -64.10% return over the course of the past year and is now at -36.83% since this point in 2018.   The stock was at -11.89% over one month performance.

Dynavax Technologies Corporation (NASDAQ:DVAX) reported that the company announced a strategic restructuring to prioritize its vaccine business by focusing on the company’s first commercial product HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted]. As part of the restructuring, the company will explore strategic alternatives for its immuno-oncology portfolio and will reduce the company’s workforce and operations to focus resources on HEPLISAV-B commercialization. While the company’s near-term focus will be on HEPLISAV-B sales execution, the company is assessing additional opportunities to leverage its 1018 adjuvant, as well as evaluating other opportunities for growth.

Mr. Gray stated. “I am proud of the role our employees and collaborators have played to advance Dynavax’s immuno-oncology portfolio of innate immune TLR9, 7/8 agonists and antigen-enhanced immunotherapy. Encouraging clinical data to date highlight the importance of recruiting both innate and adaptive immune effectors to elicit an integrated anti-tumor response and to eradicate established tumors. Local induction of innate immunity holds tremendous promise and will likely be instrumental in advancing the treatment of cancer. The decision to seek strategic alternatives expands the pool of potential investment options to further development of these important assets. Dynavax will work with investigators to wind down the immuno-oncology trials with an emphasis on patient care.”

Eddie Gray, chief executive officer of Dynavax said “Following a comprehensive analysis of our assets, strengths and opportunities, we have determined we should focus our resources on our approved vaccine, HEPLISAV-B, which, as the only two-dose hepatitis B vaccine, is gaining market share and is well positioned to become the new standard of care in the U.S”. “We plan to curtail further investment in our immuno-oncology portfolio and will seek strategic alternatives for these programs. As a result, the board and management have made the difficult decision to reduce our workforce. We want to express our deepest appreciation to our employees for their invaluable contributions.”

The company’s board of directors has created an interim Office of the President and has appointed David Novack, currently Senior Vice President, Operations, and Ryan Spencer, currently Senior Vice President, Commercial, as Co-Presidents, effective immediately.

Mr. Gray added “In addition, given this strategic decision to separate our two businesses, I’ve determined it’s the optimal time for me to transition from the company and so I will retire as CEO and as a Director of Dynavax, as of August 1, 2019. It has been my pleasure to lead Dynavax through pivotal milestones, including FDA approval of HEPLISAV-B, and I look forward to watching its future success”.

Right now the stock beta is 0.64. Dynavax Technologies Corporation (NASDAQ:DVAX) stock identified change of -1.78% away from 52-week low price and recently located move of -66.10% off 52-week high price. It has market worth of $399.4M . DVAX stock has been recorded -17.11% away from 50 day moving average and -43.28% away from 200 day moving average. Moving closer, we can see that shares have been trading -14.21% off 20-day moving average. The average volatility for the week at 12.38% and for month was at 8.03%. There are 69.1M shares outstanding and 64.3M shares are floated in market.

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