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10 Pharma Stocks Under $3

9. Dynavax Technologies (DVAX), is a biopharmaceutical company that discovers and develops products to prevent and treat infectious diseases, asthma, and other inflammatory and autoimmune disorders. Its main product candidate is HEPLISAV, a Phase III investigational adult hepatitis B vaccine.

Of the five analysts covering the stock, 80% recommend a buy. The stock's average 12-month price target is $5.00, about 98.4% higher than the current price, according to a Bloomberg consensus.

Cash, cash equivalents and marketable securities for the first quarter of 2011 stood at $53.2 million. At close of the quarter, DVAX earned a $6 million milestone payment from GlaxoSmithKline for the initiation of a Phase-1 trial in the partnered lupus program. The company reported multifold increase in service and license revenue to $489,000 from $61,000 in the year-ago quarter. Moreover, R&D expenses increased to $14.7 million from $12.5 million.

In the third week of May 2011, the company reported the completion of the 12-month follow-up on all the 2,449 subjects enrolled in its large-scale Phase III study of HEPLISAV evaluating immunogenicity in comparison to Engerix, lot-to-lot consistency and safety. With the study completed, Dynavax expects to report results within eight weeks.

The company anticipates ongoing quarterly spend to decline through the remainder of 2011 such that its average quarterly net cash usage approximates $13 million for 2011.

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