Biopharmaceutical company Dynavax Technologies Corporation (NASDAQ:DVAX) recently revealed that Biological E, an Indian biotechnology and biopharmaceutical company, has received emergency use authorization from the Drugs Controller General of India (DCGI) for its COVID-19 vaccine that contains Dynavax’s CpG 1018 adjuvant.
Following the news, shares of the company declined 1.3% on Tuesday. The stock, however, pared its losses slightly to close at $14.25 in the extended trading session.
The CpG 1018 adjuvant has been developed by Dynavax to provide an increased vaccine immune response with an improved tolerability profile.
Notably, Dynavax is supporting vaccine development by providing CpG 1018 adjuvant through CSAs supporting four geographically and technologically diversified vaccines, which generated over $197 million in revenue through the first three quarters of 2021.
The CEO of Dynavax, Ryan Spencer, said, “We congratulate Biological E for achieving this initial approval of their COVID-19 vaccine. We have secured the capacity to deliver on our commitment to supply CpG 1018 adjuvant to Biological E to meet their needs for their existing contract with the Indian Government for 300 million doses, as well as any additional adjuvant required to fulfill future demand in 2022 and beyond.”
See Top Smart Score Stocks on TipRanks >
Consensus among analysts is a Strong Buy based on 4 unanimous Buys. The average Dynavax price target of $26 implies upside potential of 83.1% from current levels. Shares have gained 202.1% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on DVAX. Further, 8.6% of portfolios tracked by TipRanks reduced their exposure to DVAX stock over the past 30 days.
Curaleaf to Buy Bloom Dispensaries for $211M
Armis Picks Radware to Provide Cloud Security for AWS
Factset to Acquire CUSIP Global Services from S&P; Shares Rise