company background image
DVAX

Dynavax Technologies NasdaqCM:DVAX Stock Report

Last Price

US$10.24

Market Cap

US$1.3b

7D

-10.0%

1Y

-48.4%

Updated

23 Sep, 2022

Data

Company Financials +
DVAX fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance4/6
Financial Health5/6
Dividends0/6

DVAX Stock Overview

Dynavax Technologies Corporation, a biopharmaceutical company, focuses on developing and commercializing novel vaccines in the United States.

Dynavax Technologies Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Dynavax Technologies
Historical stock prices
Current Share PriceUS$10.24
52 Week HighUS$21.39
52 Week LowUS$7.26
Beta1.35
1 Month Change-11.80%
3 Month Change-16.95%
1 Year Change-48.36%
3 Year Change189.27%
5 Year Change-52.37%
Change since IPO-89.11%

Recent News & Updates

Sep 20

Clover, Dynavax COVID-19 vaccine gets EU GMP certificate

Clover Biopharmaceuticals said its contract development and manufacturing organization (CDMO) received a European Union Good Manufacturing Practice (EU GMP) certificate for producing the company's lead COVID-19 vaccine candidate, SCB-2019 (CpG 1018/Alum). Clover created the COVID vaccine by combining SCB-2019 with Dynavax's (NASDAQ:DVAX) CpG 1018 advanced adjuvant and aluminum hydroxide (alum). The EU GMP certificate is in connection with Clover's regulatory filing to the European Medicines Agency (EMA) and follows a successful inspection of the CDMO site by the Ireland Health Products Regulatory Authority, the company said in a Sept. 20 press release. DVAX +3.01% to 10.95 premarket Sept. 20

Sep 12
Is Dynavax Technologies (NASDAQ:DVAX) A Risky Investment?

Is Dynavax Technologies (NASDAQ:DVAX) A Risky Investment?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Aug 22

The Alphavaxers: Dynavax And Novavax, 2 Quarters On

Earlier this month, Dynavax and Novavax both reported Q2 2022 earnings as the pandemic has eased around the world. Dramatic differences between the Alphavaxers' revised 2022 guidances point to real differences between the two. Non-COVID assets will likely become increasingly important in upcoming years. I last discussed the respective positions of Dynavax (DVAX) and Novavax (NVAX) in 03/2022's "The Alphavaxers: Dynavax And Novavax - A Tale Of Two Cities" (the "Tale"). At the time, the Alphavaxers had each just reported Q4, 2021 earnings. Now each has two more quarters of earnings under their belts, having recently reported earnings for Q2, 2022. In this article, I provide overviews on how these companies stack up now as the pandemic continues to wind down. The Alphavaxers Results Have Diverged Sharply Compared To Prior Guidance During 2022. Dynavax's Q2, 2022 Earnings Report Dynavax reported its Q2, 2022 earnings after market close on 08/04/2022. Its leads pointed to a healthy situation as follows: seekingalpha.com HEPLISAV-B has been slow to develop, having been approved in 2017; however, as I will discuss, it has significant forward potential. Adding Q2's $222.6 million in CpG 1018 net revenues to Q1's $91.5 million puts it within 56% of meeting its ambitious Q4, 2021 guidance. I may strain to reach $550 million in net CpG 1018 revenues for 2022, however it is more than halfway there. The big deal for Dynavax and its shareholders which contrasts so dramatically with Novavax is the profitability piece. Novavax's Q2, 2022 Earnings Report Novavax reported its Q2, 2022 earnings after market close on 08/08/2022. It was not nearly the nice, neat report that Dynavax had offered. None of its initial four leads mentioned its financial performance. Instead, they addressed an impressive run of regulatory decisions and performances as follows: seekingalpha.com This is always an issue with Novavax. It has never managed to achieve profitability in its >30 years of operation. Rather, it has run up an accumulated deficit of $3.6 billion. As one scrolls through the meat of Novavax's Q2, 2022 earnings release, one finally learns: Net loss for the second quarter of 2022 was $510 million compared to $352 million for the comparable period in 2021. Both Issued Interesting Guidance. Dynavax's Revised Guidance For 2022 Dynavax issued a revised guidance for 2022 as follows: Full-year CpG 1018 adjuvant net product revenues of between $550 million and $600 million, with an associated gross margin anticipated to be approximately 60% Research and development expenses to be between approximately $50-$60 million Selling, general and administrative expenses to be between approximately $130-$140 million Interest expense of approximately $7 million. It differs from its previous 2022 guidance given in its Q1, 2022 release in several respects. Its new range of $550-600 million for its CpG 1018 is an upgrade from its previous $550 million guidance, as is its expected margin increase from approximately 50% to approximately 60%. In terms of guided expenses, its bottom range for selling, general and administrative showed an increase from $120 million. Its bottom range of research and development expenses dropped from $55 million to $50 million. So overall, the new guidance appears to enhance expectations around CpG 1018, while pointing to roughly equivalent aggregate expenses. Novavax's Revised Guidance For 2022 While Novavax's business is busier and less compact than Dynavax's, its revised guidance was far more succinct. It included the following concise but deadly revelation: Revising full year 2022 total revenue guidance to $2 to $2.3 billion. Total revenue reflects all sources, including product sales of Nuvaxovid by Novavax, grants revenue, royalties and other revenue. Dynavax would surely kill for a revenue guidance of $2 to $2.3 billion. For Novavax, it was a horrible embarrassment. The second lead bullet point in Novavax's Q1, 2022 earnings release had trumpeted: Reiterating full year 2022 total revenue guidance of between $4 and $5 billion To be fair, Novavax had advised of a potential shortfall in its guidance during its Q1, 2022 earnings call. As disclosed below by CFO Kelly, it was trying to play both sides of the fence on its revenue guidance: ...Today, we are reiterating our full year 2022 total revenue guidance of between $4 billion and $5 billion. As a reminder, total revenue reflects all sources, including sales at Nuvaxovid by Novavax, grants revenue, royalties and other revenue. ...we're prepared to deliver doses of our vaccine to Gavi under the terms of our supply agreement. However, we were recently notified by Gavi of their intent to seek to revise the number and timing of doses. To date, Novavax has not received an order from Gavi and the timing and quantities of future orders to deliver Novavax facility unclear. Although we're not adjusting our full year 2022 revenue guidance, we note that our current guidance assumes successful delivery and conversion up to $700 million prepayment to product revenue. In the event we deliver less, our resulting revenue expectations for the year could be affected. We look forward to sharing our progress towards realizing this total revenue guidance on future earnings calls. To be even fairer, I will note that a guidance shortfall of ~$2 billion is hardly controlled by the fate of a $700 million item. As The Pandemic Wanes, The Future For The Alphavaxers Will Likely Not Hinge Just On Their COVID Portfolio. Dynavax Beyond COVID-19 Dynavax's recent business results have greatly benefited overall from the pandemic. However, it has presented its challenges. Unfortunately, Dynavax offers no HEPLISAV-B guidance. Likely due to uncertainties as to impact on HEPLISAV of pandemic related COVID booster campaigns. Its HEPLISAV franchise has significant potential revenue firepower. During its Q2, 2022 earnings call, Chief Commercial Officer Casale did emphasize the overall sanguine prospects for HEPLISAV as follows: ...The ACIP's recommendation that all adults 19 to 59 years of age should receive Hepatitis B vaccination significantly expands the number of adults in the U.S. who should be vaccinated against Hepatitis B. Compared to the prior risk based recommendation, we continue to believe that the ACIP recommendation will be a significant catalyst for growth and estimate the Hepatitis B market opportunity could grow to approximately $800 million by 2027 with Heplisav-B well positioned to secure a majority market share over time.

Shareholder Returns

DVAXUS BiotechsUS Market
7D-10.0%-5.0%-5.2%
1Y-48.4%-30.0%-23.1%

Return vs Industry: DVAX underperformed the US Biotechs industry which returned -30.9% over the past year.

Return vs Market: DVAX underperformed the US Market which returned -21.6% over the past year.

Price Volatility

Is DVAX's price volatile compared to industry and market?
DVAX volatility
DVAX Average Weekly Movement8.8%
Biotechs Industry Average Movement11.1%
Market Average Movement6.9%
10% most volatile stocks in US Market15.9%
10% least volatile stocks in US Market2.8%

Stable Share Price: DVAX is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: DVAX's weekly volatility (9%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1996311Ryan Spencerhttps://www.dynavax.com

Dynavax Technologies Corporation, a biopharmaceutical company, focuses on developing and commercializing novel vaccines in the United States. The company markets HEPLISAV-B, a hepatitis B vaccine for prevention of infection caused by all known subtypes of hepatitis B virus in age 18 years and older in the United States and Europe. It also manufactures and sells CpG 1018, the adjuvant used in HEPLISAV-B.

Dynavax Technologies Fundamentals Summary

How do Dynavax Technologies's earnings and revenue compare to its market cap?
DVAX fundamental statistics
Market CapUS$1.30b
Earnings (TTM)US$228.49m
Revenue (TTM)US$672.60m

5.7x

P/E Ratio

1.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
DVAX income statement (TTM)
RevenueUS$672.60m
Cost of RevenueUS$292.93m
Gross ProfitUS$379.66m
Other ExpensesUS$151.18m
EarningsUS$228.49m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.81
Gross Margin56.45%
Net Profit Margin33.97%
Debt/Equity Ratio52.3%

How did DVAX perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is DVAX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DVAX?

Other financial metrics that can be useful for relative valuation.

DVAX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.5x
Enterprise Value/EBITDA3.9x
PEG Ratio-0.1x

Price to Earnings Ratio vs Peers

How does DVAX's PE Ratio compare to its peers?

DVAX PE Ratio vs Peers
The above table shows the PE ratio for DVAX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average14.9x
RCUS Arcus Biosciences
27.2x26.7%US$1.8b
ALEC Alector
19.2x-25.2%US$696.0m
RGNX REGENXBIO
10.9x-1.4%US$988.2m
VIR Vir Biotechnology
2.3x-40.6%US$2.5b
DVAX Dynavax Technologies
5.7x-42.5%US$1.3b

Price-To-Earnings vs Peers: DVAX is good value based on its Price-To-Earnings Ratio (5.7x) compared to the peer average (14.9x).


Price to Earnings Ratio vs Industry

How does DVAX's PE Ratio compare vs other companies in the US Biotechs Industry?

Price-To-Earnings vs Industry: DVAX is good value based on its Price-To-Earnings Ratio (5.7x) compared to the US Biotechs industry average (14.1x)


Price to Earnings Ratio vs Fair Ratio

What is DVAX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DVAX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.7x
Fair PE Ratio12.2x

Price-To-Earnings vs Fair Ratio: DVAX is good value based on its Price-To-Earnings Ratio (5.7x) compared to the estimated Fair Price-To-Earnings Ratio (12.2x).


Share Price vs Fair Value

What is the Fair Price of DVAX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DVAX ($10.24) is trading below our estimate of fair value ($36.79)

Significantly Below Fair Value: DVAX is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


Discover undervalued companies

Future Growth

How is Dynavax Technologies forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-42.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: DVAX's earnings are forecast to decline over the next 3 years (-42.5% per year).

Earnings vs Market: DVAX's earnings are forecast to decline over the next 3 years (-42.5% per year).

High Growth Earnings: DVAX's earnings are forecast to decline over the next 3 years.

Revenue vs Market: DVAX's revenue is expected to decline over the next 3 years (-10.8% per year).

High Growth Revenue: DVAX's revenue is forecast to decline over the next 3 years (-10.8% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if DVAX's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has Dynavax Technologies performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


39.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: DVAX has high quality earnings.

Growing Profit Margin: DVAX became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: DVAX has become profitable over the past 5 years, growing earnings by 39% per year.

Accelerating Growth: DVAX has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: DVAX has become profitable in the last year, making it difficult to compare its past year earnings growth to the Biotechs industry (29.2%).


Return on Equity

High ROE: DVAX's Return on Equity (55.1%) is considered outstanding.


Discover strong past performing companies

Financial Health

How is Dynavax Technologies's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: DVAX's short term assets ($955.4M) exceed its short term liabilities ($345.2M).

Long Term Liabilities: DVAX's short term assets ($955.4M) exceed its long term liabilities ($255.0M).


Debt to Equity History and Analysis

Debt Level: DVAX has more cash than its total debt.

Reducing Debt: Insufficient data to determine if DVAX's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: DVAX's debt is well covered by operating cash flow (69.2%).

Interest Coverage: DVAX's interest payments on its debt are well covered by EBIT (46.5x coverage).


Balance Sheet


Discover healthy companies

Dividend

What is Dynavax Technologies's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate DVAX's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate DVAX's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if DVAX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if DVAX's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as DVAX has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.5yrs

Average management tenure


CEO

Ryan Spencer (44 yo)

2.75yrs

Tenure

US$4,519,489

Compensation

Mr. Ryan Spencer serves as the Chief Executive Officer and Director of Dynavax Technologies Corp. since December 16, 2019. He had been Co-President and Co-Principal Executive Officer of Dynavax Technologie...


CEO Compensation Analysis

Compensation vs Market: Ryan's total compensation ($USD4.52M) is about average for companies of similar size in the US market ($USD5.58M).

Compensation vs Earnings: Ryan's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: DVAX's management team is considered experienced (2.5 years average tenure).


Board Members

Experienced Board: DVAX's board of directors are considered experienced (4.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqCM:DVAX Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
15 Aug 22SellUS$44,040,000Bain Capital Life Sciences Investors, LLCCompany3,000,000US$14.68
15 Aug 22SellUS$44,040,000Bain Capital Life Sciences Investors, LLCCompany3,000,000US$14.68
03 Mar 22SellUS$563,587Ryan SpencerIndividual53,358US$10.57
03 Mar 22SellUS$148,361Robert JanssenIndividual14,036US$10.57
03 Mar 22SellUS$257,506David NovackIndividual24,362US$10.57

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 10.2%.


Top Shareholders

Top 25 shareholders own 75.32% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
14.68%
BlackRock, Inc.
18,561,894$190.1m138.14%no data
12.67%
Federated Hermes, Inc.
16,022,731$164.1m-3.11%0.48%
6.82%
State Street Global Advisors, Inc.
8,629,427$88.4m1.54%no data
6.34%
The Vanguard Group, Inc.
8,023,967$82.2m37.32%no data
4.62%
Chicago Capital, LLC
5,842,906$59.8m-0.22%3.28%
4.28%
Bain Capital Life Sciences Investors, LLC
5,415,000$55.4m-35.65%6.44%
3.39%
Fisher Asset Management, LLC
4,288,848$43.9m22.15%0.03%
3.01%
PFM Health Sciences, LP
3,805,370$39.0m0%1.52%
2%
William Blair Investment Management, LLC
2,525,526$25.9m-1.02%0.05%
1.83%
Edmond De Rothschild Asset Management (France)
2,320,000$23.8m-5.11%0.35%
1.64%
Geode Capital Management, LLC
2,077,191$21.3m4.39%no data
1.33%
Two Sigma Advisers, LP
1,682,288$17.2m-2.23%0.05%
1.33%
Rock Springs Capital Management LP
1,681,458$17.2m5.69%0.46%
1.32%
BMO Asset Management Corp.
1,664,137$17.0m-11.47%0.01%
1.14%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
1,438,176$14.7m8.03%no data
1.04%
Northern Trust Global Investments
1,319,217$13.5m13.82%no data
0.99%
Renaissance Technologies LLC
1,250,851$12.8m101.21%0.02%
0.98%
Goldman Sachs Group, Investment Banking and Securities Investments
1,243,468$12.7m3.79%0.01%
0.94%
Invesco Capital Management LLC
1,185,629$12.1m127.24%0.01%
0.89%
Two Sigma Investments, LP
1,126,744$11.5m-17.57%0.04%
0.89%
Morgan Stanley, Investment Banking and Brokerage Investments
1,124,442$11.5m-10.8%no data
0.86%
Woodline Partners LP
1,086,883$11.1m0%0.18%
0.83%
Great Lakes Advisors, LLC
1,047,554$10.7m3954.63%0.21%
0.76%
BNY Mellon Asset Management
959,952$9.8m170.6%no data
0.74%
Charles Schwab Investment Management, Inc.
932,220$9.5m2.78%no data

Company Information

Dynavax Technologies Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: Dynavax Technologies Corporation
  • Ticker: DVAX
  • Exchange: NasdaqCM
  • Founded: 1996
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Implied Market Cap: US$1.295b
  • Shares outstanding: 126.47m
  • Website: https://www.dynavax.com

Number of Employees


Location

  • Dynavax Technologies Corporation
  • 2100 Powell Street
  • Suite 900
  • EmeryVille
  • California
  • 94608
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DVAXNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDFeb 2004
DYF1DB (Deutsche Boerse AG)YesCommon StockDEEURFeb 2004
0IDALSE (London Stock Exchange)YesCommon StockGBUSDFeb 2004

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/23 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.