Jefferies Maintains Buy on Dynavax Technologies

Jefferies is out with its report today on Dynavax Technologies DVAX, maintaining Buy. In a note to clients, Jefferies writes, "We continue to believe Heplisav may become the preferred HBV vaccine for poor responders to current vaccines and to see diabetes as a major new opportunity not captured in the current valuation. We expect Heplisav approval in late 2012/early 2013, with a potential vote on the diabetes mandate as early as October. At our healthcare conference, DVAX management provided several positive clinical and regulatory updates on Heplisav." Jefferies maintains a $4.00 PT on DVAX. Shares of DVAX closed Wednesday at $2.51, down 0.40% from Tuesday's close.