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EMERYVILLE, Calif. - Dynavax Technologies Corporation (NASDAQ:DVAX), a biopharmaceutical company with a market capitalization of $1.25 billion and current share price of $10.38, announced Wednesday that stockholders have elected all four of the company’s director nominees to its Board of Directors, according to preliminary vote counts from its 2025 Annual Meeting.
The elected directors include Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun. Stockholders also approved all other proposals recommended by the Board, including the phased declassification of the Board. The company maintains a strong financial position, with InvestingPro data showing more cash than debt on its balance sheet and a healthy current ratio of 11.93.
"The outcome of today’s meeting is validation of our balanced strategic plan and recognition of the entire Dynavax team," the company stated in a press release. "The Board and management team will remain focused on continuing to execute our strategy and deliver significant long-term value to all Dynavax stockholders." According to InvestingPro analysis, the company has demonstrated strong revenue growth of 24.76% over the last twelve months, though analysts expect net income to decline this year. Discover 8 more exclusive InvestingPro Tips and comprehensive financial analysis in our detailed Pro Research Report.
The preliminary results have not yet been certified by the independent Inspector of Elections. Dynavax expects to file the final voting results on a Form 8-K with the U.S. Securities and Exchange Commission.
Dynavax is a commercial-stage biopharmaceutical company that develops and commercializes vaccines. Its commercial products include HEPLISAV-B vaccine for hepatitis B prevention in adults and CpG 1018 adjuvant, which is used in HEPLISAV-B and multiple COVID-19 vaccines.
Goldman Sachs & Co. LLC is serving as financial advisor to Dynavax, with Cooley LLP serving as legal counsel.
In other recent news, Dynavax Technologies Corporation has reported a 34% increase in total revenue in the first quarter of 2025, with notable growth in net product revenue from its HEPLISAV-B® vaccine. Despite these financial achievements, Deep Track Capital, a significant shareholder with a 14.82% stake, is advocating for changes in Dynavax’s board composition, citing concerns over the company’s strategic direction and recent performance issues. Deep Track has nominated four directors, including Brett Erkman and Donald Santel, to address what it perceives as strategic missteps, particularly in capital allocation and market share stagnation of the Heplisav vaccine. Glass Lewis, a prominent proxy advisory firm, has supported the election of two of Deep Track’s nominees, highlighting concerns about Dynavax’s capital allocation strategy. In contrast, Dynavax’s current board has received backing from advisory firms Glass Lewis, ISS, and Egan Jones, which have recommended shareholders vote in favor of the existing board members. Dynavax emphasizes its long-term strategy and has criticized Deep Track’s approach as potentially sacrificing long-term value for immediate gains. The upcoming Annual Meeting on June 11, 2025, will be crucial as shareholders decide on the board’s composition and the company’s future strategic direction.
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