Here's Why Dynavax (DVAX) Stock Price Is Up 34% Today

September 22, 2021 12:55 PM EDT

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Shares of Dynavax Technologies Corporation (NASDAQ: DVAX) are up over 34% today after the biotech company said that its partner Clover Biopharmaceuticals reported positive data for its COVID-19 vaccine candidate “SCB-2019.”

Dynavax stock price surged in pre-open Wednesday after the company said that SCB-2019 showed 100% efficacy against severe COVID-19 and hospitalizations, and 84% efficacy against moderate-to-severe COVID-19.

Clover uses Dynavax's CpG 1018 adjuvant, developed to generate a strong vaccine immune response.

This way, the vaccine candidate met the primary efficacy objective and secondary efficacy endpoints in the Phase 2 clinical trial.

"We believe these trial results demonstrate the value of our CpG 1018 adjuvant as part of the response to this pandemic and as a platform for the development of new and improved vaccines," said Dynavax Chief Executive Ryan Spencer.

Dynavax stock price is up over 330% YTD to hit a market capitalization of roughly $2.3 billion.

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