In a report published Tuesday, Jefferies analyst Thoms Vie reiterated a Buy ratioing on Dynavax Technologies (NASDAQ : DVAX) but lowered the price target from $5.00 to $3.00
In the report Jefferies noted, "We had previously assumed that DVAX would be able to argue for and expedited pathway to Heplisav approval in 2014 using a limited label in chronic kidney disease (CKD) patients, but the FDA has rejected this approach. Instead, we now ASSUME a 2016 approval follwing a new requirement for a large safety trial and we are lowering our price target from $5 to $3."
The point was clarification vs the misinformation. Good to know that you know that 3 is greater than 5.. but a 40 percent lower target which probably translates into a slower rise and doesn't bode well for the institutional players positions