Jefferies Lowers Numbers on Dynavax (DVOX), Keeps "Buy" Rating

Jefferies lowered estimates and its price target on Dynavax Technologies (NASDAQ: DVAX) from $8 to $6 following Q2 results which were below views. However, the firms is maintaining their Buy rating.

The firm comments, "DVOX posted fiscal 2Q results below our model, reflecting a challenging state and education spending environment—headwinds which are likely to persist and which lead to a tempering of our estimates. Still, we believe the company’s sales strategy is sound and should serve the company well longer-term, particularly as macro trends stabilize."

Q3 EPS goes down from $0.09 to $0.07, FY from $0.32 to $0.28.

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 $4.24 yesterday, with a 52 week range of $1.75-$4.48.

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