Dynavax Technologies (NASDAQ:DVAX) received a significant upgrade from Wall Street Zen, moving from a “buy” rating to a “strong-buy” rating, as detailed in a research note released on Saturday. This shift reflects growing confidence in the biopharmaceutical company amid fluctuating market sentiments.
Several other analysts have also weighed in on the company. On December 24, 2023, William Blair downgraded Dynavax from an “outperform” rating to a “hold” rating. In contrast, Weiss Ratings maintained a “sell (d)” rating for the stock as of October 8, 2023. Currently, two analysts have issued a Buy rating, one has a Hold rating, and two analysts have rated the stock as a Sell. According to MarketBeat.com, Dynavax holds a consensus rating of “Hold” with a target price of $24.33.
Recent Financial Performance
Dynavax Technologies released its quarterly earnings on November 5, 2023, reporting earnings per share (EPS) of $0.21. This figure exceeded analysts’ expectations, which had estimated an EPS of $0.14. The company recorded revenue of $94.88 million for the quarter, surpassing the forecast of $94.00 million. Despite the positive earnings report, Dynavax experienced a negative net margin of 13.13% while achieving a return on equity of 7.18%. Analysts project that Dynavax will post an EPS of $0.32 for the current fiscal year.
Institutional Investor Activity
Recent activity among institutional investors indicates a growing interest in Dynavax. Marshall Wace LLP significantly increased its holdings by 107.2% in the second quarter, now owning 1,814,934 shares valued at approximately $18 million. Qube Research & Technologies Ltd also boosted its position by 163.0%, acquiring an additional 467,369 shares, bringing its total to 754,041 shares worth about $7.5 million.
Cubist Systematic Strategies LLC raised its stake by an impressive 237.4%, now holding 656,541 shares valued at $8.5 million. Man Group plc’s position increased by 925.5% with ownership of 447,847 shares worth $4.4 million. Lastly, Woodline Partners LP enhanced its holdings by 48.4%, owning 1,178,763 shares valued at approximately $15.3 million. Overall, approximately 96.96% of Dynavax stock is held by hedge funds and other institutional investors.
Dynavax Technologies, headquartered in Emeryville, California, focuses on developing innovative vaccines and immunotherapies. The company utilizes its proprietary Toll-like receptor (TLR) agonist platform to enhance immune responses. Its primary product, HEPLISAV-B, is a two-dose hepatitis B vaccine approved by the U.S. Food and Drug Administration (FDA). Founded in 1993, Dynavax continues to expand its pipeline, which includes candidates targeting seasonal influenza, respiratory syncytial virus (RSV), and other emerging infectious diseases.
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