Steven Cohen (Trades, Portfolio) of Point72 Asset Management increased his position in Dynavax Technologies Corp. (DVAX, Financial) by 375.26% on Sept. 29.
Cohen founded Point72 in 2014 as a successor to S.A.C. Capital Advisors. The firm invests in both long and short equities and makes significant quantitative and macro investments.
Cohen purchased 1,689,954 shares in Dynavax for an average price of $10.33 per share. The transaction had an impact of 0.12% on the portfolio. He now owns 2,140,300 shares.
Dynavax is a clinical-stage biopharmaceutical company involved in the development of preventive medicines for infectious diseases, the treatment of autoimmune and inflammatory diseases and cancer. The company was founded in 1996 and is headquartered in Berkeley, California.
The company has a market cap of $419.2 million with an enterprise value of $280.63 million. It has a price-book (P/B) ratio of 2.9 and a price-sales (P/S) ratio of 73.3.
GuruFocus ranked Dynavax’s financial strength 6 of 10. Its Piotroski F-Score of 4 indicates it is in a stable financial condition. However, its Altman Z-Score of 0.75 rank is in the distress zone, which suggests the possibility of bankruptcy in the near future. The company has no debt.
GuruFocus ranked the company’s profitability and growth 2 of 10. Its operating margin and net margin are in the negatives and rank lower than 84% of other companies. Similarly, its return on equity (ROE) of -72.8% and return on assets (ROA) of -61.3% ranks below 73% and 76% of other companies in the global biotechnology industry.
Cohen is the largest shareholder among the gurus with 5.56% of outstanding shares, which is 0.15% of his total assets managed. John Paulson (Trades, Portfolio) and Chuck Royce (Trades, Portfolio) also hold positions in the company.
Dynavax is one of many biopharmaceutical stocks in Cohen’s portfolio. Other notable holdings include AMAG Pharmaceuticals (AMAG, Financial), Medivation (MDVN, Financial), Gilead (GILD, Financial) and Achillion (ACHN, Financial). Health care stocks have a weight of 13.6% on the portfolio.
The DCF Calculator gives Dynavax’s stock a fair value of $-33.07; it was trading at $10.75 on Friday.
Disclosure: I do not own stock in any companies mentioned in the article.
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