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DVAX

Dynavax

$6.36

(0.00%)

16:47
05/23/19
05/23
16:47
05/23/19
16:47

Dynavax to restructure to focus on vaccine business

Dynavax Technologies Corporation announced a strategic restructuring to prioritize its vaccine business by focusing on the company's first commercial product HEPLISAV-B. 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. In addition, CEO Eddie Gray announced that he will retire from his positions as chief executive and director as of August 1, 2019. The board will conduct a search for the company's next CEO and will consider both internal and external candidates. In connection with the decision to focus on the vaccine business the company is eliminating approximately 82 current positions, representing approximately 37% of its current U.S. workforce. The company is providing severance, continuation of employee benefits and outplacement assistance to the employees affected by the restructuring. The positions eliminated are primarily related to research and clinical development for the immuno-oncology programs and general and administrative functions. Restructuring costs and retirement costs related to compensation and benefit expenses as well as severance costs, are expected to be approximately $5.5M, exclusive of stock compensation. The company may incur additional restructuring expenses including retirement of fixed assets and facility-related costs. The workforce reduction is expected to reduce compensation and benefits cost by approximately $16M dollars annually. After all existing oncology trials and commitments are complete, the company estimates its operating expenditures related to external oncology costs will be reduced by approximately $8M per quarter as compared to the first quarter ended March 31, 2019. The company will be responsible for certain wind-down costs and committed contractual costs for the immuno-oncology programs, including the I-SPY trial that will run through the second quarter of next year.

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DVAX Dynavax
$6.36

(0.00%)

10/22/18
CANT
10/22/18
NO CHANGE
Target $32
CANT
Overweight
Dynavax price target raised to $32 from $30 at Cantor Fitzgerald
Cantor Fitzgerald analyst Elemer Piros raised his price target for Dynavax Technologies (DVAX) to $32 following presentations at the European Society for Medical Oncology Congress. The data present the case for why Merck (MRK) could be a potential partner, Piros tells investors in a research note. He keeps an Overweight rating on Dynavax.
10/22/18
RBCM
10/22/18
NO CHANGE
Target $26
RBCM
Outperform
Dynavax price target raised to $26 from $23 at RBC Capital
RBC Capital analyst Brian Abrahams raised his price target on Dynavax to $26 and kept his Outperform rating after its PD-1 melanoma presentations at the European Society for Medcal Oncology Congress this weekend. The analyst notes that the findings revealed no new safety signals and continued abscopal responses across both PD-L1 positive and negative patients, which he views as the "best-case scenario for this data cut".
10/22/18
JPMS
10/22/18
NO CHANGE
Target $27
JPMS
Overweight
JPMorgan expects 35%-50% rally in Dynavax after 'clear win' data
JPMorgan analyst Anupam Rama views Dynavax Technologies' update to the SD-101 plus pembrolizumab combination program as a "clear win." The analyst's focus is on the treatment naive melanoma data set, given that the presentation has the most patients at the go-forward 2mg dose level. These data hit the analyst's "upside / homerun scenario" with a 70% overall response rate. Rama sees Dynavax shares trading up in the 35%-50% range following this weekend's update. He keeps an Overweight rating on the name with a $27 price target. The stock in premarket trading is up 21%, or $2.26, to $13.15.
02/27/19
CANT
02/27/19
NO CHANGE
Target $28
CANT
Overweight
Dynavax price target raised to $28 from $23 at Cantor Fitzgerald
Cantor Fitzgerald analyst Elemer Piros raised his price target for Dynavax Technologies to $28 following the company's financial and corporate updates from Q4. The analyst is encouraged by the first HEPLISAV-B launch year and expects updates from the SD-101 program to be a key focus for investors during 2019. He reiterates an Overweight rating on Dynavax.

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