Dynavax rallies after $100 mln accelerated stock buyback with Goldman Sachs

Dynavax Technologies

11/11/2024 17:56

** Dynavax Technologies Corp's  DVAX.O  shares up 6.3% to $13.84
on Mon after vaccine maker buys back some of its stock
    ** Stock adding to ~8% gain on Fri, hits highest level since
Jan 25 on the session
** Emeryville, California-based firm early Mon said it inked
accelerated share-repurchase (ASR) agreement with Goldman Sachs
 GS.N 
    ** DVAX said expects to initially receive approx 6.1 mln
shares, representing about 80% of the deal, with final
settlement due in Q1 2025
    ** Co has ~131.5 mln shares outstanding for ~$1.8 bln
current market cap
    ** The ASR is part of $200 mln buyback program co announced
late Thurs, and will leave $100 remaining
    ** With move on Mon, DVAX shares up ~33% over the past
month, cutting YTD loss to 1%. In comparison, Nasdaq Biotech
index  .NBI  up ~5% in past one month and has advanced ~12% in
2024

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com))