Dynavax Technologies Corporation (DVAX) Stock Analysis
DELISTED 2026
What happened to Dynavax Technologies Corporation (DVAX) stock?
Dynavax Technologies Corporation (DVAX) no longer trades on public markets. It was delisted in February 2026. The figures below are historical and are not a current quote.
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Dynavax Technologies Corporation (DVAX) trades at $15.50. Dynavax Technologies Corporation is a biopharmaceutical company focused on developing and commercializing novel vaccines. Market cap: $1.82B, Sector: Healthcare.
Last analyzed: May 5, 2026Analyst Coverage for DVAX: DVAX does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates DVAX against Healthcare peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
DVAX: the 2 scored disciplines are evenly split. Dominant signal: Ray Dalio bullish.
How is this calculated? →Dynavax Technologies Corporation (DVAX) Healthcare & Pipeline Overview
Dynavax Technologies Corporation is a commercial-stage biopharmaceutical company specializing in vaccine development, notably HEPLISAV-B for hepatitis B. The company leverages its proprietary adjuvant, CpG 1018, to enhance vaccine efficacy. With a focus on infectious diseases, Dynavax operates within the competitive specialty vaccine market, serving adult populations in the US and Europe.
What Is the Investment Thesis for DVAX?
Dynavax Technologies Corporation presents a compelling investment case centered on the continued growth of HEPLISAV-B sales and the strategic utilization of its CpG 1018 adjuvant technology. The increasing awareness of hepatitis B and the advantages of HEPLISAV-B's two-dose regimen are expected to drive market penetration. Dynavax's gross margin of 83.2% indicates strong profitability potential as sales scale. Collaborations with Valneva, Serum Institute of India, and Merck provide additional revenue streams and validation of the adjuvant technology. However, the company's negative profit margin of -13.1% highlights the need for continued focus on cost management and achieving sustained profitability. Successful execution of partnerships and expansion into new markets are critical for long-term value creation.
Based on FMP financials and quantitative analysis
DVAX Key Highlights
HEPLISAV-B is a hepatitis B vaccine approved for adults aged 18 years and older in the United States and Europe.
- Dynavax manufactures and sells CpG 1018, the adjuvant used in HEPLISAV-B, enhancing the immune response to vaccines.
- The company has a collaboration agreement with Valneva Scotland Limited to develop new vaccines.
- Dynavax has a sublicense agreement with Merck, Sharp & Dohme Corp. for the use of its adjuvant technology.
- Dynavax reported a gross margin of 83.2%, indicating strong profitability potential.
Who Are DVAX's Competitors?
DVAX is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| GSK GSK plc | $51.96 | -1.74% | $104B | 61 |
| MRK Merck & Co., Inc. | $152.22 | +12.61% | $376B | 75 |
| PFE Pfizer Inc. | $28.24 | +3.63% | $161B | 67 |
| ANIP ANI Pharmaceuticals, Inc. | $77.32 | -0.90% | $1.76B | 95 |
| NPNKF Nippon Shinyaku Co., Ltd. | $23.50 | +0.00% | $1.58B | 61 |
| AVDL Avadel Pharmaceuticals plc | $21.64 | +0.00% | $2.12B | 64 |
| DCPH Deciphera Pharmaceuticals | $25.59 | +0.08% | $2.21B | 61 |
| ALVO Alvotech | $4.27 | +7.02% | $1.44B | 69 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are DVAX's Key Strengths?
Innovative HEPLISAV-B vaccine with a convenient two-dose regimen.
- Proprietary CpG 1018 adjuvant technology enhances vaccine efficacy.
- Established collaborations with leading pharmaceutical companies.
- Strong gross margin indicates profitability potential.
What Are DVAX's Weaknesses?
Negative profit margin requires focus on cost management.
- Reliance on HEPLISAV-B sales for revenue generation.
- Competition from established pharmaceutical companies with broad vaccine portfolios.
- Limited geographic presence compared to larger competitors.
What Could Drive DVAX Stock Higher?
Potential regulatory approvals for HEPLISAV-B in new geographic markets.
- Continued expansion of HEPLISAV-B sales in the United States and Europe.
- Progress in collaborations with Valneva, Serum Institute of India, and Merck.
- Data readouts from clinical trials evaluating new vaccine candidates using CpG 1018 adjuvant.
What Are the Key Risks for DVAX?
Negative return on equity (-8.1%) — the business is not currently generating profit on shareholder capital.
- Competition from existing hepatitis B vaccines and new entrants.
- Regulatory hurdles and delays in obtaining approvals for new products.
- Patent expiration and generic competition.
- Dependence on HEPLISAV-B sales for revenue generation.
- Changes in public health recommendations and vaccination schedules.
What Are the Growth Opportunities for DVAX?
- Growth opportunity 1: Expanding HEPLISAV-B Market Share: HEPLISAV-B has a significant opportunity to capture a larger share of the hepatitis B vaccine market. The increasing awareness of the disease and the advantages of a two-dose regimen compared to traditional three-dose vaccines position HEPLISAV-B for growth. Focused marketing and sales efforts targeting high-risk populations and healthcare providers can drive adoption.
- Growth opportunity 2: Leveraging CpG 1018 Adjuvant Technology: Dynavax's CpG 1018 adjuvant technology has broad applications in vaccine development. Collaborations with other companies, such as Valneva and Serum Institute of India, demonstrate the potential for this technology to enhance the efficacy of various vaccines. Expanding partnerships and licensing agreements can generate additional revenue streams and establish Dynavax as a key player in the adjuvant market. The global adjuvants market is expected to grow, driven by the increasing demand for more effective vaccines.
- Growth opportunity 3: Geographic Expansion of HEPLISAV-B: While HEPLISAV-B is currently approved in the United States and Europe, there is potential for geographic expansion into other markets. Obtaining regulatory approvals in additional countries can significantly increase the addressable market for HEPLISAV-B. This expansion requires navigating regulatory pathways and establishing distribution networks in new regions. The global market for hepatitis B vaccines is substantial, offering opportunities for Dynavax to increase its global footprint.
- Growth opportunity 4: Development of New Vaccine Candidates: Dynavax can leverage its expertise in vaccine development to create new vaccine candidates targeting other infectious diseases. This involves identifying unmet needs in the vaccine market and developing innovative solutions using its adjuvant technology. Successful development and commercialization of new vaccines can diversify Dynavax's product portfolio and reduce its reliance on HEPLISAV-B. The global vaccine market is constantly evolving, with ongoing research and development efforts focused on addressing emerging infectious diseases.
- Growth opportunity 5: Strategic Acquisitions and Partnerships: Dynavax can pursue strategic acquisitions and partnerships to expand its product portfolio and technological capabilities. Acquiring companies with complementary technologies or products can accelerate growth and diversify revenue streams. Partnerships with research institutions and other pharmaceutical companies can provide access to new vaccine candidates and development expertise. Strategic collaborations can enhance Dynavax's competitive position and drive long-term value creation.
What Are DVAX's Competitive Advantages?
- Proprietary CpG 1018 adjuvant technology enhances vaccine efficacy.
- HEPLISAV-B's two-dose regimen offers a convenient alternative to traditional three-dose vaccines.
- Established collaborations with leading pharmaceutical companies.
- Strong intellectual property protection for its products and technologies.
What Does DVAX Do?
Dynavax Technologies Corporation, founded in 1996 and headquartered in Emeryville, California, is a biopharmaceutical company focused on developing and commercializing innovative vaccines. Originally named Double Helix Corporation, the company rebranded to Dynavax Technologies Corporation in September 1996, marking a pivotal shift towards vaccine development. The company's flagship product is HEPLISAV-B, a hepatitis B vaccine approved for adults aged 18 years and older in the United States and Europe. HEPLISAV-B distinguishes itself through its high efficacy and a two-dose regimen, offering a convenient alternative to traditional three-dose vaccines. Dynavax also manufactures and sells CpG 1018, the adjuvant used in HEPLISAV-B, which enhances the immune response to vaccines. This adjuvant technology is a key component of Dynavax's strategy, enabling collaborations with other companies for vaccine development. Dynavax has established collaborations with Valneva Scotland Limited, Serum Institute of India Pvt. Ltd., and Merck, Sharp & Dohme Corp., expanding the application of its adjuvant technology and broadening its market reach. The company's focus remains on addressing unmet needs in infectious diseases through innovative vaccine solutions.
What Products and Services Does DVAX Offer?
- Develops and commercializes novel vaccines.
- Markets HEPLISAV-B, a hepatitis B vaccine for adults.
- Manufactures and sells CpG 1018 adjuvant.
- Collaborates with other companies for vaccine development.
- Focuses on addressing unmet needs in infectious diseases.
- Seeks regulatory approvals for its products in various markets.
How Does DVAX Make Money?
- Develops and commercializes its own vaccines, such as HEPLISAV-B.
- Generates revenue from sales of HEPLISAV-B in the US and Europe.
- Out-licenses its CpG 1018 adjuvant technology to other companies.
- Receives milestone payments and royalties from collaborations.
What Industry Does DVAX Operate In?
Dynavax operates within the specialty vaccine market, a segment of the pharmaceutical industry characterized by high barriers to entry and significant regulatory oversight. The global vaccine market is experiencing growth driven by increasing awareness of infectious diseases and advancements in vaccine technology. Competition includes established pharmaceutical companies with broad vaccine portfolios. Dynavax differentiates itself through its HEPLISAV-B vaccine and its CpG 1018 adjuvant technology, which enhances vaccine efficacy. The market is also influenced by public health initiatives and government recommendations regarding vaccination schedules.
Who Are DVAX's Key Customers?
- Adults aged 18 years and older requiring hepatitis B vaccination.
- Healthcare providers who administer vaccines.
- Hospitals and clinics that offer vaccination services.
- Government agencies and public health organizations.
Key Financial Metrics
Return on equity for Dynavax Technologies Corporation stands at -8.1%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -4.6%, showing how much profit it generates from its asset base. Its free cash flow yield is 4.4%, a gauge of the cash the business throws off relative to its market value. A current ratio of 7.62 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -2.4%, the inverse of the P/E and a quick read on earnings relative to price.
Dynavax Technologies Corporation (DVAX) Valuation Context
Valued at $1.82B, DVAX is classified as a small-cap stock.
Company Profile
Dynavax Technologies Corporation operates in the Drug Manufacturers - Specialty & Generic industry within the Healthcare sector. It is headquartered in EmeryVille, US. The company is led by CEO Ryan Spencer. DVAX has traded publicly since 2004.
Financial Health
Dynavax Technologies Corporation's Piotroski F-Score is 6/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 2.37 places it in the grey zone, a middle ground that warrants monitoring.
Forward Outlook
Wall Street analysts project Dynavax Technologies Corporation revenue of about $380.1M for fiscal 2026, with EPS near $0.49.
DVAX Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2024
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in Dynavax's future, indicating that those closest to the company believe in its potential.
- Positive community sentiment has been observed, with discussions highlighting the company's innovative vaccine technologies and their relevance in current healthcare needs.
- The recent advancements in their pipeline have garnered attention, suggesting that their products could capture significant market share in the near future.
- Analysts are increasingly recognizing the potential of Dynavax's collaborations, which could enhance their market position and drive growth.
Bear Case
- Concerns about the competitive landscape remain prevalent, with many questioning how Dynavax's offerings stack up against larger pharmaceutical companies.
- Community sentiment has seen a few bearish voices, citing uncertainties around regulatory approvals that could impact product launches.
- The stock has faced volatility, leading to skepticism among some investors about the company's ability to maintain momentum in a challenging market.
- Recent earnings reports have raised questions about the sustainability of growth, prompting some traders to reassess their positions on the stock.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
DVAX Latest News
Latest Dynavax Technologies Corporation Analysis
Leadership: Ryan Spencer
Chief Executive Officer
Ryan Spencer serves as the Chief Executive Officer of Dynavax Technologies Corporation. His background includes extensive experience in the biopharmaceutical industry, with a focus on commercial operations and strategic leadership. Prior to joining Dynavax, he held leadership positions at various pharmaceutical companies, where he oversaw product launches, market development, and business development activities. His expertise spans across multiple therapeutic areas, including infectious diseases and vaccines. Spencer's experience positions him to lead Dynavax in its efforts to expand the market reach of HEPLISAV-B and leverage its adjuvant technology.
Track Record: Since assuming the role of CEO, Ryan Spencer has focused on driving the commercial success of HEPLISAV-B and expanding the company's partnerships. Under his leadership, Dynavax has strengthened its market position in the hepatitis B vaccine market and advanced its adjuvant technology platform. He has also overseen efforts to improve operational efficiency and manage costs. His strategic decisions have contributed to the company's growth and development.
What Investors Ask About Dynavax Technologies Corporation (DVAX) — Healthcare
What happened to Dynavax Technologies Corporation (DVAX) stock?
Dynavax Technologies Corporation (DVAX) no longer trades on public markets. It was delisted in February 2026. The figures below are historical and are not a current quote.
Can I still buy DVAX shares?
No. DVAX stopped trading on public markets in February 2026, so the shares are not available through a broker. Anything you see quoted for DVAX elsewhere is historical data, not a live market.
Are the figures on this page current?
No. Every number here is the last value recorded before DVAX stopped trading. Nothing on this page updates, and none of it is a current quote.
Why does this page still exist?
Because people still search for what happened to Dynavax Technologies Corporation. An archived profile that states the delisting plainly is more useful than a dead link — provided it is labelled as history, which is what this page does.
What does Dynavax Technologies Corporation do?
Dynavax Technologies Corporation is a biopharmaceutical company focused on developing and commercializing novel vaccines. Its primary product is HEPLISAV-B, a hepatitis B vaccine approved for adults in the United States and Europe. The company also manufactures and sells CpG 1018, an adjuvant used in HEPLISAV-B and other vaccines.
What do analysts say about DVAX stock?
Analyst coverage of Dynavax Technologies Corporation (DVAX) reflects a generally positive outlook, driven by the growth potential of HEPLISAV-B and the strategic value of its CpG 1018 adjuvant. Key valuation metrics include revenue growth projections and potential profitability improvements. Considerations include the competitive landscape, regulatory milestones, and the success of ongoing collaborations.
What are the main risks for DVAX?
Dynavax Technologies Corporation faces several risks inherent to the biopharmaceutical industry. Competition from established hepatitis B vaccines and potential new entrants poses a threat to HEPLISAV-B's market share. Regulatory hurdles and delays in obtaining approvals for new products or expanding into new markets can impact growth. Patent expiration and the potential for generic competition could erode revenue.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Information is based on publicly available sources and may be subject to change.
- Financial data is based on the most recent available reports.