HomeTop MoversWhy Dynavax Technologies Corporation (DVAX) stock is sliding down on Monday’s pre-market?

Why Dynavax Technologies Corporation (DVAX) stock is sliding down on Monday’s pre-market?

Dynavax Technologies Corporation (DVAX) shares lost 7.12% and are trading at $16.30, as of this writing on Monday’s pre-market. Even in the after-market session on Friday, September 10, 2021, DVAX’s stock declined 7.34% and closed the weekly trading at $17.55. DVAX shares have risen 251.00% over the last 12 months, and they have moved down 0.79% in the past week. Over the past three months, the stock has gained 91.18%, while over the past six months, it has jumped 83.19%.

Let’s see why it is facing the same negativity from the last week?


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DVAX latest update About Valneva SE 

On September 13, 2021,  Dynavax Technologies Corporation (DVAX) announced that Valneva SE has received a termination notice from the United Kingdom Government to Valneva’s supply agreement for its COVID-19 vaccine candidate, VLA2001. Valneva stated that they intend to continue clinical development of VLA2001 and the pivotal Phase 3 trial for VLA2001, Cov-Compare, remains ongoing at Public Health England. Based on its portfolio of COVID-19 collaborations Dynavax reiterates its belief that its CpG 1018 supply contracts continue to represent an approximately $300 – $400 million aggregate revenue opportunity in 2021.

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DVAX participation at the recent investor conference

Dynavax Technologies Corporation (DVAX) will participate at the H.C. Wainwright 23rd Annual Global Investment Conference being held virtually September 13-15, 2021. The company will be presented by Chief Executive Officer, Ryan Spencer.

DVAX inducements grants

On September 2, 2021, Dynavax Technologies Corporation (DVAX) granted nonstatutory stock options to purchase an aggregate of 224,000 shares of Dynavax common stock as inducements to 8 newly hired employees in connection with the commencement of employment with the Company.

DVAX update about Covid Medigen vaccine

On August 23, 2021, Medigen Vaccine Biologics Corporation (MVC) and Dynavax Technologies Corporation (DVAX) announced the rollout of their COVID-19 vaccine, MVC-COV1901. Approximately 600,000 people are anticipated to receive the Medigen vaccine this week.

MVC COVID-19 vaccine is indicated for adults over 20 years old and is administered in two doses 28 days apart for the prevention of COVID-19.

DVAX recent financial results announcement

On August 4, 2021, Dynavax Technologies Corporation (DVAX) reported its financial results for the second quarter of 2021.

Q2 2021 financial highlights

  • DVAX reported revenue of $52.8 million in Q2 2021 compared to 2.7 million in Q2 2020.
  • Total operating expenses were $43.6 million in Q2 2021 compared to $26.0 million in Q2 2020.
  • It earned a net income of $4.5 million in Q2 2021 compared to a net loss of $51.6 million for the second quarter of 2020.
  • As of June 30, 2021, the company had cash, cash equivalents and marketable securities totaled $345.8 million.

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Conclusion

The recent cancellation of the covid-19 vaccine order from the U.K government is the reason behind its poor start on Monday but it would not affect Dynavax Technologies and we can expect its return towards positivity in the coming trading sessions.

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