Market Overview

Dynavax Under Selling Pressure

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Dynavax Technologies Corporation (NASDAQ: DVAX) shares are trading lower by $1.95 (8 percent) at $18.30 in Monday's session.

After last Thursday's close, the company announced it received FDA approval for Heplisav-B for the prevention of Hepatitis B in adults. It did manage a small gain in a volatile session on Friday, but finished well off its high for the of $22.25.

See Also: At Long Last, Dynavax Wins FDA Approval For Heplisav

Unfortunately for investors, Dynavax has been a "sell the news" scenario as the stock has nearly doubled since its July 27 low of $8.90 when it reached $24.45 on October 5.

In today's session, it was unable to clear Friday's close ($20.25), only reaching $20.20 and began to move lower. The ensuing decline took the stock beyond Friday's low ($18.60), reaching $18.20 as of 1:20 p.m. EST. That marks its lowest level since it bottomed on September 5 at $17.70.

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