UPDATE: Dynavax Technologies (DVAX) PT Lowered to $31 at Goldman Sachs

(Updated - March 1, 2022 7:41 AM EST)

Goldman Sachs analyst Madhu Kumar lowered the price target on Dynavax Technologies (NASDAQ: DVAX) to $31.00 (from $38.00) while maintaining a Buy rating.

The analyst comments "On 2/28 after the close, DVAX announced FY21 earnings and provided a corporate update. Looking ahead to 2022, we continue to be encouraged by the long term outlook for hepatitis B virus (HBV) vaccine Heplisav-B to establish itself as best-in-class following the CDC ACIP positive recommendation for universal HBV vaccination. Additionally, we could see improved market uptake in the short-term as COVID-19 headwinds are reduced and the HBV market moves past expected reductions in vaccination due to seasonality effects. Beyond Heplisav-B, we believe the company's multiple COVID-19 partnerships have reinforced the utility of its adjuvant CpG 1018 and will provide an important foundation of value for 2022 given the delivery contracts already in place. Additionally, we are encouraged by the additional vaccine programs in the pipeline utilizing CpG 1018, including for Tdap (Phase 1 data expected for adults/adolescents in 1H22/2H22), shingles (Phase 1 data expected by YE22), and plague (Phase 2 trial expected to start in 2H22; in collaboration with the US DoD). After model updates, we reiterate our DVAX Buy rating but lower our 12-month price target from $38 to $31."

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