On Tuesday, H.C. Wainwright analyst Edward White updated the firm's outlook on Dynavax (NASDAQ:DVAX) Technologies (NASDAQ:DVAX), currently trading at $12.48 with a market capitalization of $1.64 billion, raising the price target to $31 from the previous $29 while maintaining a Buy rating on the stock. This adjustment follows Dynavax's report of preliminary unaudited financial results for the fourth quarter of 2024 and the full year. According to InvestingPro data, analysts maintain a strong bullish consensus on the stock, with price targets ranging from $15 to $29.
Dynavax disclosed that its Heplisav-B sales for the fourth quarter reached $71 million, marking a 39% year-over-year increase, and totaled $268 million for the year, a 26% rise from the previous year. The company maintains a healthy gross profit margin of 62.09%, according to InvestingPro data, which shows strong operational efficiency. Heplisav-B, Dynavax's marketed two-dose vaccine for Hepatitis B, is unique as the only two-dose adult Hepatitis B vaccine available, combining Hepatitis B surface antigen with the company's proprietary CpG 1018 adjuvant.
The company's performance exceeded its guided range for FY24 Heplisav-B sales of $265 million to $270 million. White noted the company's anticipation of an expanded market opportunity for Hepatitis B vaccination in the U.S., which could grow to $900 million by 2030, with Heplisav-B potentially capturing at least 60% of the total market share.
Dynavax also highlighted its strong financial position as of December 31, 2024, with approximately $714 million in cash, cash equivalents, and marketable securities. InvestingPro analysis reveals an impressive current ratio of 13.23, indicating robust liquidity.
The company's proactive capital management included the announcement of a $200 million share repurchase program on October 29, 2024, and a $100 million accelerated share repurchase transaction on November 11, 2024, which is expected to be completed in the first quarter of 2025. For deeper insights into Dynavax's financial health and future prospects, access the comprehensive Pro Research Report available on InvestingPro.
The company's optimistic outlook is further supported by the expectation of positive net income for the fiscal year 2024. With these factors in mind, H.C. Wainwright reaffirmed their Buy rating and increased the price target for Dynavax Technologies.
In other recent news, Dynavax Technologies Corporation has reported a 26% rise in revenue from its HEPLISAV-B® product for 2024, reaching approximately $268 million. This growth is attributed to the performance of HEPLISAV-B, the only two-dose hepatitis B vaccine for adults approved in the United States, the European Union, and Great Britain. The company also completed its Phase 1/2 shingles vaccine trial enrollment and is expecting to announce results in 2025.
Dynavax has secured a new $30 million contract with the U.S. Department of Defense to advance its plague vaccine program. The company maintains strong financial health, with approximately $714 million in cash, cash equivalents, and marketable securities as of the end of 2024. InvestingPro analysts have price targets ranging from $15 to $29 for the company.
Additionally, Dynavax recently amended its shareholder Rights Agreement, introducing technical modifications to the administration and determination processes. The company reported a profitable third quarter in 2024, with net income of $18 million and record net product sales of $79 million from its hepatitis B vaccine, HEPLISAV-B. Dynavax also announced a $200 million share repurchase plan.
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