Price already discounted for review panel negative recommendation
Jefferies reiterated ts Buy rating and $5 price target on Dynavax Technologies (NASDAQ: DVAX) ahead of Friday's Heplisav FDA decision.
"We have revised our scenarios for Friday’s Heplisav FDA decision and added a scenario in which the company receives a complete response letter and refiles in 2Q13 for chronic kidney disease (CKD) patients," the analyst said. "We estimate that this could be approved by early 2014 and would still yield a $5 valuation. We would be buyers on any weakness if a complete response letter is issued on Friday."