Why Dynavax Technologies Stock Is Surging Today
Shares of the vaccine and immunotherapy company Dynavax Technologies Corporation (NASDAQ: DVAX) rose by as much as 18.7% in premarket trading Monday morning. The biotech's stock is heating up in response to the news that it will collaborate with the University of Queensland as part of a Coalition for Epidemic Preparedness to develop a vaccine against the severe acute respiratory syndrome coronavirus 2 (a.k.a. SARS-CoV-2). Dynavax's shares have settled somewhat since their red-hot start in premarket action, but they are still up by 9% as of 9:45 a.m. EST today.
SARS-CoV-2 has spread to more than 50 countries and taken the lives of over 3,000 people now. Combatting it is quickly becoming a top priority for governmental agencies and public health organizations across the globe. This collaboration between Dynavax and the University of Queensland is the latest offshoot of this global race to develop a safe and effective vaccine against SARS-CoV-2.
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Source Fool.com
