Shares of Dynavax Technologies Corporation (DVAX) stock happened to be green today on September 22, 2021. DVAX stock price saw a push of 6.33% to reach $15.80 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 0.73% at closing. Let’s understand the reason behind this rally.
What’s Happening?
DVAX stock today announced that Clover Biopharmaceuticals released positive data of its COVID-19 vaccine candidate SCB-2019 adjuvanted with Dynavax’s CpG 1018 adjuvant. The trial achieved the primary and secondary endpoints in SPECTRA. The efficacy against severe COVID-19 and hospitalizations was 100% for SCB-2019 while 84% against moderate to severe COVID-19 due to the strain of SARS-CoV-2. The efficacy against the dominant delta variant of COVID-19 for SCB-2019 was 79%. For Gamma variant and Mu variant, the efficacy was 92% and 59%. Overall efficacy for this product candidate was 67% thus successfully met the primary endpoint of the trial.
DVAX stock provided an update on its COVID-19 Collaboration with Valneva:
On September 13, 2021, DVAX stock did announce that United Kingdom Government sent a termination notice to Valneva SE. The notice was in connection with Valneva’s supply agreement for the COVID-19 vaccine candidate, VLA2001. Valneva showed intention to continue the development of VLA2001. Valneva recently reported that it anticipates the availability of its Phase 3 results for VLA2001 in the fourth quarter of 2021.
Performance of DVAX stock in Q2,2021:
- In the second quarter of 2021, DVAX stock generated $52.8 million in revenue as compared to $2.7 million in the prior-year same quarter. This revenue also included net product revenue of $52.7 million.
- Cost of sales – product jumped from $1.0 million in Q2,2020 to $14.8 million in the second quarter of 2021. Increased sales volume of CpG 1018 and HEPLISAV-B resulted in this increase.
- DVAX stock spent $21.6 million in selling, general and administrative expenses, higher than $19.0 million in the prior year same quarter.
- Dynavax stock reported $9.2 million income from operations in the second quarter of 2021 as compared to the loss of $23.3 million in the same tenure of the previous year.
- By the end of the second quarter, DVAX had $345.8 million in cash, cash equivalents, and marketable securities.
Conclusion:
Though many COVID-19 vaccines have been rolled out but still COVID-19 is the major health concern due to its continuously changing variants. Various medical companies are working for the development of COVID-19 vaccines and investors are investing in them seeking potential gains in the future. Hence stocks involved in the fight against COVID-19 like Dynavax can generate maximum profits for investors.
