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The Technical Take: Dynavax Wrecked After CRL Letter

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Dynavax Technologies Corporation (NASDAQ: DVAX) shares are trading lower by $7.40 (64 percent) at $4.20 in Monday's session. Investors are exiting the issue after getting a CRL from the FDA for its marketing application for Heplisav-B.

After swooning to the $3 area in pre-market trading, shorts and new longs came in buying off the open. As a result, it bottomed a nickel off its opening print of $3.25 at $3.20 and began to rally.
That marks the lowest level for the issue since December 16, 2008, when it bottomed at $2.46.

The ensuing rebound took the issue to $4.70, but it has backed off that high.

Today's price action is taking place on much higher than average volume. With about five hours remaining in the session, 19.2 million shares have traded compared to its 20-day average of 1.4 million.

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