Dynavax price target lowered to $24 from $25 at JMP Securities

JMP Securities analyst Roy Buchanan lowered the firm’s price target on Dynavax to $24 from $25 and keeps an Outperform rating on the shares. Dynavax reported Q1 top-line results for HEPLISAV that beat consensus estimates, and management anticipates ending the year with a net positive operating cash flow, the analyst tells investors in a research note. The firm expects continued growth from HEPLISAV-B based on its unique value proposition, and management remains on the hunt for BD transactions synergistic with the company’s capabilities.