Dynavax Technologies Corp. (DVAX) shares fell 9 percent in Monday morning. The biotech company developing novel products to prevent and treat infectious diseases said Q2 revenues fell 86% year-over-year to $2.2 million versus Wall Street’s $3.4 million estimates. The company’s losses totaled $28.0 million, or 34 cents a share, in the second quarter, compared with a profit of $4.1 million, or 10 cents a year earlier.
Dynavax was hurt partly by higher expenses as the drugmaker restarted development of its experimental lead product candidate hepatitis B drug ‘Heplisav’, which was put on clinical hold by the FDA in March 2008.
Shares of Dynavax posted the biggest retreat in Russell 2000 Index and were off by 7% to $2.05 at 1:30 E.T. in Nasdaq trading . DVAX closed at $2.21 Friday. The stock has traded as high as $3.35 this year.
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