Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shareholders of biopharmaceutical company Dynavax
So what: Choosing to market its hepatitis B drug Heplisav independently means Dynavax needs cash. Today it took its money-raising efforts to the market in the form of a 17.5 million share offering that priced at $4.25 -- a clean 17% below yesterday's closing price. If that wasn't enough of a beating for shareholders, CEO Dino Dina, who has helmed the ship since 1998, noted that he would be stepping down. The market doesn't like uncertainty, and today we're getting a three-course meal of it.
Now what: Everything is really riding on the success or failure of Heplisav; and as we've learned from Dendreon
Craving more input? Start by adding Dynavax to your free and personalized watchlist so you can keep up on the latest news with the company.
Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.
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1 Reason Dynavax Technologies Corporation Stock Soared in 2017
Thanks to the FDA approval of its hepatitis B vaccine, Dynavax's shares crushed the broader market in 2017.
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