William Blair analyst Matt Phipps has reiterated their bullish stance on DVAX stock, giving a Buy rating yesterday.
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Matt Phipps has given his Buy rating due to a combination of factors, primarily driven by Dynavax’s strong performance in the second quarter of 2025. The company’s Heplisav sales exceeded expectations, reaching $92 million, which represents a significant year-over-year growth of 31%. This impressive performance was bolstered by a $5 million gross-to-net benefit due to fewer-than-expected product returns.
Additionally, Heplisav’s market share increased to 45% in the U.S., with notable gains in the retail segment. The company also reported its last deliveries to Bavarian Nordic, marking the end of their collaboration. The consistent growth in market share and the strategic updates provided by Dynavax suggest a promising outlook for continued revenue growth, justifying the Buy rating.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $25.00 price target.