Dynavax (DVAX) VRBPAC Cancellation Implications are More Positive than Negative - Cowen

September 6, 2016 9:08 AM EDT
Get Alerts DVAX Hot Sheet
Price: $4.30 -1.15%

Rating Summary:
    6 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Cowen analyst Phil Nadeau reiterated an Outperform rating and $45 price target on Dynavax Technologies (NASDAQ: DVAX), saying the implications from November's VRBPAC meeting cancellation is more positive than negative. Dynavax's closed down 32% on Friday as investors viewed it as negative.

Nadeau commented, "Over the weekend DVAX issued a press release about the cancellation of November's VRBPAC meeting, and we have discussed the events with management. DVAX is encouraged that the remaining questions will be addressed between DVAX and the FDA directly, though management does not yet know what the remaining issues are. We continue to think that DVAX is undervalued for Heplisav."

The analyst highlighted:

  • DVAX's Release Suggests That VRBPAC Was Cancelled Because There Are No Issues That Warrant An Ad. Com, But A Diabetic Indication Won't Be In The Initial Label.
  • Management Is Pleased That Heplsav's BLA Will Not Be Discussed By A November VRBPAC Meeting, But Cautions That It Does Not Yet Know What Questions The FDA Has About The Filing.
  • Friday's Move In DVAX Seems To Be An Over-Reaction As The Lack Of Need For A Panel Has More Positive Than Negative Implications, In Our Opinion. We Do Not Think A Delay In Getting The Subpopulation Data On The Label Will Impact Heplisav's Long-Term Potential.

For an analyst ratings summary and ratings history on Dynavax Technologies click here. For more ratings news on Dynavax Technologies click here.

Shares of Dynavax Technologies closed at $10.91 yesterday.

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