Why Dynavax Stock Is Tumbling Today
Shares of Dynavax Technologies (NASDAQ: DVAX) were tumbling 7.9% lower at 11:04 a.m. ET on Friday. The only news from the company was an announcement after market close on Thursday that it had granted stock options to five new employees that allow them to purchase a total of 58,500 shares.
Were these options enough to cause the biotech stock to fall? No. Companies routinely give stock options to attract and retain employees. The number of shares that can be purchased with these options represents only a tiny sliver of Dynavax's outstanding shares.
The primary reason behind Dynavax's decline today is more likely that its shares are being pulled down with a broader market sell-off. Investors reacted negatively to a disappointing U.S. jobs report.
Source Fool.com
