A recent 13G filing with the US Securities and Exchange Commission revealed that Glenn J. Krevlin‘s Glenhill Advisors raised its stake in Dynavax Technologies Corp (NASDAQ:DVAX) to 2.11 million shares, which represent 5.5% of the float. The fund’s stake was raised from 1.29 million shares reported in its last 13F filing (for the end of June).
Dynavax Technologies Corporation is a clinical-stage biopharmaceutical company engaged in developing various therapeutics for the treatment of various illnesses, such as cancer, and autoimmune and inflammatory diseases. Year-to-date, the company’s stock is down by 49.88%. For the second quarter of 2016, Dynavax Technologies disclosed a loss per share of $0.75, missing the estimates of a loss per share of $0.68, and revenue of $2.65 million, topping the estimates of $1.19 million.
There has been a lot of analyst’ ratings activity on Dynavax Technologies’ stock lately; William Blair reiterated its ‘Buy’ rating with a price target of $45, and RBC Capital Markets reiterated its ‘Sector Perform’ rating on it, with a price target of $16. Cowen and Company reiterated its ‘Outperform’ rating with a price target of $45, and S&P Equity Research boosted its price target on the stock to $16.01 from $11.28.
The number of hedge funds from our database long Dynavax Technologies (NASDAQ:DVAX) decreased by six recently, and at the end of June, there were 23 investors bullish on the stock. Among them were Richard Mashaal’s Rima Senvest Management with a position worth around $14.55 million, Kevin Kotler’s Broadfin Capital, which held a position valued at $7.99 million, Scott Scher & Michael Prober’s Clovis Capital Management, Brian Ashford-Russell And Tim Woolley’s Polar Capital, and Hal Mintz’s Sabby Capital.
Investors who lost optimism for investing in Dynavax Technologies (NASDAQ:DVAX) and decided to sell their positions during the June quarter encompassed Richard Driehaus’ Driehaus Capital, which dumped its position valued at the end of March at $2.92 million, Emmanuel Ferreira’s Convector Capital, which said goodbye to a position worth around $963,000, and Paul Marshall And Ian Wace’s Marshall Wace LLP.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Glenhill Advisors | 1,547,865 | 560,899 | 2,108,764 | 0 | 2,108,764 | 5.5% |
| Glenn J. Krevlin | 1,547,865 | 560,899 | 2,108,764 | 0 | 2,108,764 | 5.5% |
| Glenhill Capital Advisors | 0 | 2,108,764 | 0 | 2,108,764 | 2,108,764 | 5.5% |
| Glenhill Capital Management | 0 | 1,547,865 | 0 | 1,547,865 | 1,547,865 | 4.0% |
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Page 1 of 9 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __)*
DYNAVAX
TECHNOLOGIES CORPORATION
(Name of Issuer)
Common Stock
(Title of
Class of Securities)
268158201
(CUSIP Number)
September 7, 2016
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to
designate the rule pursuant to which this Schedule is filed:
| ¨ | Rule 13d-1(b) |
| x | Rule 13d-1(c) |
| ¨ | Rule 13d-1(d) |
| * | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. |
The information required in the remainder of this cover
page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
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Page 2 of 9 – SEC Filing
CUSIP No. 268158201
| 1 | Names Glenhill Advisors, LLC | |||||
| 2 | Check the Appropriate Box if a (a) ¨ (b) x | |||||
| 3 | SEC Use Only | |||||
| 4 | Citizenship or Place of Delaware | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 1,547,865 | ||||
| 6 | Shared Voting Power 560,899 | |||||
| 7 | Sole Dispositive Power 2,108,764 | |||||
| 8 | Shared Dispositive Power 0 | |||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 2,108,764 | |||||
| 10 | Check if the Aggregate Amount in ¨ | |||||
| 11 | Percent of Class Represented by 5.5% | |||||
| 12 | Type of Reporting Person (See IA, HC | |||||
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Page 3 of 9 – SEC Filing
CUSIP No. 268158201
| 1 | Names Glenn J. Krevlin | |||||
| 2 | Check the Appropriate Box if a (a) ¨ (b) x | |||||
| 3 | SEC Use Only | |||||
| 4 | Citizenship or Place of United States | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 1,547,865 | ||||
| 6 | Shared Voting Power 560,899 | |||||
| 7 | Sole Dispositive Power 2,108,764 | |||||
| 8 | Shared Dispositive Power 0 | |||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 2,108,764 | |||||
| 10 | Check if the Aggregate Amount in ¨ | |||||
| 11 | Percent of Class Represented by 5.5% | |||||
| 12 | Type of Reporting Person (See IN, HC | |||||
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Page 4 of 9 – SEC Filing
CUSIP No. 268158201
| 1 | Names Glenhill Capital Advisors, LLC | |||||
| 2 | Check the Appropriate Box if a (a) ¨ (b) x | |||||
| 3 | SEC Use Only | |||||
| 4 | Citizenship or Place of Delaware | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 0 | ||||
| 6 | Shared Voting Power 2,108,764 | |||||
| 7 | Sole Dispositive Power 0 | |||||
| 8 | Shared Dispositive Power 2,108,764 | |||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 2,108,764 | |||||
| 10 | Check if the Aggregate Amount in ¨ | |||||
| 11 | Percent of Class Represented by 5.5% | |||||
| 12 | Type of Reporting Person (See IA, HC | |||||
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Page 5 of 9 – SEC Filing
CUSIP No. 268158201
| 1 | Names Glenhill Capital Management, LLC | |||||
| 2 | Check the Appropriate Box if a (a) ¨ (b) x | |||||
| 3 | SEC Use Only | |||||
| 4 | Citizenship or Place of Delaware | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 5 | Sole Voting Power 0 | ||||
| 6 | Shared Voting Power 1,547,865 | |||||
| 7 | Sole Dispositive Power 0 | |||||
| 8 | Shared Dispositive Power 1,547,865 | |||||
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 1,547,865 | |||||
| 10 | Check if the Aggregate Amount in ¨ | |||||
| 11 | Percent of Class Represented by 4.0% | |||||
| 12 | Type of Reporting Person (See IA, HC | |||||
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Page 6 of 9 – SEC Filing
| Item 1(a). | Name of Issuer: | |
| Dynavax Technologies Corporation | ||
| Item 1(b). | Address of Issuers Principal Executive Offices: | |
| 2929 Seventh Street, Suite 100 | ||
| Berkeley, CA 94710 | ||
| Item 2(a). | Name of Person Filing: | |
| Glenhill Advisors, LLC, Glenn J. Krevlin, Glenhill Capital Advisors, LLC and Glenhill Capital Management, LLC. | ||
| Glenn J. Krevlin, is the managing member and control person of Glenhill Advisors, LLC, and is the sole shareholder of Krevlin Management, Glenhill Capital Advisors, LLC is also the investment manager for certain third party accounts for which shares of the Issuer are held and managed by one or | ||
| Item 2(b). | Address of Principal Business Office or, if none, Residence: | |
| 600 Fifth Avenue, 11th Floor | ||
| New York, NY 10020 | ||
| Item 2(c). | Citizenship: | |
| See the response(s) to Item 4 on the attached cover page(s). | ||
| Item 2(d). | Title of Class of Securities: | |
| Common Stock | ||
| Item 2(e). | CUSIP Number: | |
| 268158201 | ||
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Page 7 of 9 – SEC Filing
| Item 3. | If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: | |||||
| Not Applicable | ||||||
| Item 4. | Ownership. | |||||
| Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1: | ||||||
| (a) | Amount Beneficially owned: | |||||
| See the response(s) to Item 9 on the attached cover page(s). | ||||||
| (b) | Percent of Class: | |||||
| See the response(s) to Item 11 on the attached cover page(s), which was determined by dividing the number of shares beneficially held by the Reporting Person by 38,497,107, the number of shares of Common Stock issued and outstanding as reported in the Issuers Form 10-Q filed with the Securities and Exchange Commission on August 8, 2016. | ||||||
| (c) | Number of shares as to which the person has: | |||||
| (i) | Sole power to vote or to direct the vote: | |||||
| See the response(s) to Item 5 on the attached cover page(s). | ||||||
| (ii) | Shared power to vote or to direct the vote: | |||||
| See the response(s) to Item 6 on the attached cover page(s). | ||||||
| (iii) | Sole power to dispose or to direct the disposition of: | |||||
| See the response(s) to Item 7 on the attached cover page(s). | ||||||
| (iv) | Shared power to dispose or to direct the disposition of: | |||||
| See the response(s) to Item 8 on the attached cover page(s). | ||||||
| Item 5. | Ownership of Five Percent or Less of a Class. | |||||
| Not Applicable. | ||||||
| Item 6. | Ownership of More Than Five Percent on Behalf of Another Person. | |||||
| Not Applicable. | ||||||
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. | |||||
| Not Applicable. | ||||||
| Item 8. | Identification and Classification of Members of the Group. | |||||
| Not Applicable. | ||||||
| Item 9. | Notice of Dissolution of Group. | |||||
| Not Applicable. | ||||||
| Item 10. | Certifications. | |||||
| By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. | ||||||
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Page 8 of 9 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
| DATE: | September 19, 2016 |
| GLENHILL ADVISORS, LLC | ||
| By: | /s/ GLENN J. KREVLIN | |
| Name: | Glenn J. Krevlin | |
| Title: | Managing Member | |
| /s/ GLENN J. KREVLIN | ||
| Name: | Glenn J. Krevlin | |
| GLENHILL CAPITAL ADVISORS, LLC | ||
| By: | KREVLIN MANAGEMENT, INC. | |
| Managing Member | ||
| By: | /s/ GLENN J. KREVLIN | |
| Name: | Glenn J. Krevlin | |
| Title: | President | |
| GLENHILL CAPITAL MANAGEMENT, LLC | ||
| By: | GLENHILL ADVISORS, LLC | |
| Managing Member | ||
| By: | /s/ GLENN J. KREVLIN | |
| Name: | Glenn J. Krevlin | |
| Title: | Managing Member | |
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Page 9 of 9 – SEC Filing
EXHIBIT INDEX
| Exhibit | Description of Exhibit | |
| 99.1 | Joint Filing Agreement, dated September 19, 2016 | |
