In a report published Tuesday, Jefferies analyst Thomas Wei reiterated a Buy rating on Dynavax Technologies DVAX, but lowered the price target from $5.00 to $3.00.
In the report, Jefferies noted, “We had previously assumed that DVAX would be able to argue for an expedited pathway to Heplisav approval in 2014 using a limited label in chronic kidney disease (CKD) patients, but the FDA has rejected this approach. Instead, we now assume a 2016 approval following a new requirement for a large safety trial and we are lowering our price target from $5 to $3.”
Dynavax Technologies closed on Monday at $1.40.
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