Dynavax Technologies (DVAX) Slammed on CRL; Is it Now a Bounce Candidate?

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Dynavax Technologies Corporation (NASDAQ: DVAX) is down 30 percent to $2.07 following a CRL from the FDA regarding its Biologic License Application (BLA) for HEPLISAV, an investigational adult hepatitis B vaccine. Some, however, are looking for a bounce.

On Friday, analysts at Jefferies said the stock would still be a buy with a CRL. "We have revised our scenarios for Friday’s Heplisav FDA decision and added a scenario in which the company receives a complete response letter and refiles in 2Q13 for chronic kidney disease (CKD) patients," the analyst said. "We estimate that this could be approved by early 2014 and would still yield a $5 valuation. We would be buyers on any weakness if a complete response letter is issued on Friday."

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