Goldman Sachs downgraded Dynavax Technologies Corporation (NASDAQ:DVAX) reflecting updated views and recent competitive dynamics for vaccines.
Goldman Sachs analyst Paul Choi has downgraded Dynavax to Sell from Neutral and cut the price target from $15 to $12. He notes growing competition in the shingles vaccine market, which could reduce the potential value of the Z-1018 program and add uncertainty to its long-term revenue.
Potential convenience improvements come from GSK Plc's (NYSE:GSK) Shingrix with the company's pre-filled syringes, which have been accepted for review by both the FDA and EMA (U.S. decision expected by 20 June).
Dynavax is conducting a Phase 1/2 trial to evaluate the safety, tolerability, and immunogenicity of Z-1018 compared to GSK's Shingrix in 441 healthy adults aged 50 to 69.
Choi also points to uncertain demand for repeat hepatitis B vaccinations in the 2030s, which may impact Heplisav-B's outlook beyond its peak sales. Despite its market share gains, questions remain about the FDA and ACIP's regulatory stance on vaccines in the U.S.
Last month, Dynavax announced preliminary HEPLISAV-B net product revenue of $268 million for 2024, up 26% year-over-year.
HEPLISAV-B net product revenue reached $71 million for the fourth quarter of 2024, up 39%.
In May 2024, the FDA issued a Complete Response Letter stating that the application did not provide sufficient data to fully evaluate the effectiveness or safety of a four-dose regimen of HEPLISAV-B.
Dynavax is expected to report fourth-quarter earnings on 20 February.
As per data from Benzinga Pro, analysts estimate Q4 adjusted EPS of $0.04, with sales of $72.92 million.
Analysts forecast 2024 sales of $278.13 million and adjusted EPS of $0.12.
Price Action: DVAX stock is down 4.13% at $12.66 at last check Tuesday.
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This article Goldman Sachs Turns Bearish On Vaccine Maker Dynavax Amid Shingles And Hepatitis B Uncertainty originally appeared on Benzinga.com
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