Dynavax Shares First Plunge Then Climbs After FDA Cancels Meeting

(RTTNews) - Shares of Dynavax Technologies Corp. (DVAX) are currently up 26 percent after market experts confirmed that the FDA's decision to cancel a meeting with Vaccines and Related Biological Products Advisory Committee to asses the company's hepatitis B vaccine Heplisav is a positive news.

Earlier today, shares of Dynavax plunged after investors misread the news of the FDA meeting cancellation as a negative news. The FDA stated that it cancelled the meeting to give the company time to "review and resolve several outstanding issues."

Dynavax Technologies said that although the November advisory meeting was cancelled, a December 15 PDUFA meeting is still scheduled.

"Our dialogue with the FDA has been very open and productive, and we look forward to providing the review team with any additional information they may need to complete their review," said Eddie Gray, chief executive officer of Dynavax. "We are committed to bringing HEPLISAV-B to market as we believe it offers a better level of protection than the currently available hepatitis B vaccines

According to market analysts, the FDA's decision to cancel the advisory meeting would actually be beneficial to the company.

DVAX is currently trading at $13.78, up $2.87 or 26.31%, on the Nasdaq.