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

Reuters11-12
BUZZ-Dynavax rallies after $100 mln accelerated stock buyback with Goldman Sachs

** 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))

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