William Blair has downgraded shares of Dynavax Technologies (NASDAQ:DVAX) from an “outperform” to a “hold” rating, according to a research note issued to investors on the morning of October 8, 2023. In a separate report, Weiss Ratings reiterated a “sell (d)” rating for the biopharmaceutical company. This shift in recommendations reflects a cautious outlook among analysts regarding the company’s stock performance.
Currently, two analysts have assigned a Buy rating to Dynavax, while one has issued a Hold rating, and two have opted for Sell ratings. As noted by MarketBeat, the overall average rating for Dynavax Technologies stands at “Hold,” with an average target price of $24.33.
Current Market Performance
On the morning of the downgrade, Dynavax Technologies stock opened at $15.38. The company has a market capitalization of $1.81 billion, a price-to-earnings (PE) ratio of -41.57, and a beta of 0.89. Key financial ratios show a debt-to-equity ratio of 0.41, a quick ratio of 6.94, and a current ratio of 7.62. The stock has fluctuated significantly over the past year, with a fifty-two week low of $9.20 and a high of $15.49.
Dynavax Technologies recently reported its quarterly earnings on November 5, 2023, revealing earnings per share (EPS) of $0.21, surpassing the consensus estimate of $0.14 by $0.07. The company generated revenue of $94.88 million for the quarter, exceeding analysts’ expectations of $94.00 million. Overall, Dynavax Technologies reported a positive return on equity of 7.18% and a negative net margin of 13.13%. Analysts predict that the company will report 0.32 earnings per share for the current year.
Institutional Investment Trends
Recent activities among institutional investors reflect changing sentiments towards Dynavax Technologies. Blair William & Co. IL increased its holdings by 0.3% during the second quarter, now owning 2,279,647 shares valued at approximately $22.61 million. Marshall Wace LLP also boosted its position by 12.2% in the third quarter, acquiring an additional 221,069 shares, bringing its total to 2,036,003 shares valued at $20.22 million.
Bank of America Corp DE raised its stake by 25.7% in the same quarter, now holding 1,458,087 shares valued at $14.48 million. Glenmede Investment Management LP increased its holdings by 23.8%, now owning 1,264,369 shares valued at $12.56 million. Notably, Woodline Partners LP raised its stake by an impressive 48.4% in the first quarter, acquiring an additional 384,288 shares.
Institutional ownership of Dynavax Technologies remains strong, with institutional investors controlling approximately 96.96% of the company’s stock.
Dynavax Technologies Corporation, headquartered in Emeryville, California, focuses on developing and commercializing innovative vaccines and immunotherapies. The company leverages its proprietary Toll-like receptor (TLR) agonist platform to enhance immune responses. Its flagship product, HEPLISAV-B, is a two-dose hepatitis B vaccine approved by the U.S. Food and Drug Administration. Founded in 1993, Dynavax is expanding its pipeline to include candidates targeting seasonal influenza, respiratory syncytial virus (RSV), and emerging infectious diseases.
