UPDATE: Jefferies Lowers PT to $5 on Dynavax Technologies; Commercial Concerns
Jefferies reduces its price target from $6 to $5 on Buy-rated Dynavax Technologies (NASDAQ: DVAX) as it remains a buyer on weakness related to commercial concerns.
Jefferies says, "DVAX announced a $74m financing and plans for the current CEO to step down to make way for a new commercial team in advance of approval and launch of Heplisav. This has created weakness in shares as investors raise questions on the prospects of a pharma deal for Heplisav. We view this as a good entry point for the stock, as we continue to believe that Heplisav could represent a highly attractive inlicensing/acquisition opportunity."
DVAX closed at $3.94 on Wednesday.
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