In a report published Friday, Jefferies & Company reiterated its Buy rating on Dynavax Technologies Corporation (NASDAQ: DVAX), but slightly lowered its price target from $6.00 to $5.00.
Jefferies noted, “A FDA panel voted 13-1 on the efficacy data and 5-8 on the safety data for Heplisav, DVAX’s hepatitis B vaccine, in adults 18-70. The mixed safety vote was an unexpected negative, given the benign briefing documents and FDA presentation. We are lowering our PT from $6 to $5, but with the stock indicated at $2, we see DVAX as a risky but compelling buy at current levels as we see the market completely discounting near-term approval.”
Dynavax Technologies Corporation closed on Thursday at $4.63.
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