Vaxcyte (NASDAQ:PCVX) Stock Price Target Raised at Needham & Company LLC

Key Points

• Needham raised Vaxcyte’s price target from $110 to $122 and maintained a “Buy” rating, implying 64.92% upside from the previous close. Analysts overall give the stock a “Moderate Buy” consensus with an average target of $108.60.
• Vaxcyte shares jumped 31% to $73.97 in Monday trading, on volume significantly above average. The company reported quarterly EPS of ($1.97), beating the consensus estimate of ($2.06).
• VAX-31 met all prespecified primary endpoints in its pivotal Phase 3 adult trial, with immune responses comparable to competing vaccines from Pfizer and Merck. Regulatory review, safety, durability, manufacturing and commercialization progress remain important risks before the vaccine can generate revenue.

Vaxcyte (NASDAQ:PCVX - Get Free Report) had its price target boosted by equities researchers at Needham & Company LLC from $110.00 to $122.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price objective indicates a potential upside of 64.92% from the company's previous close.

Several other equities analysts have also issued reports on PCVX. Weiss Ratings reiterated a "sell (d-)" rating on shares of Vaxcyte in a report on Friday. Guggenheim upped their target price on shares of Vaxcyte from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Monday. Wall Street Zen upgraded shares of Vaxcyte from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Bank of America lowered their price objective on shares of Vaxcyte from $133.00 to $130.00 and set a "buy" rating on the stock in a research report on Monday, September 28th. Finally, Zacks Research raised Vaxcyte from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 12th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $108.60.

Vaxcyte Stock Up 31.0%

Shares of NASDAQ PCVX traded up $17.49 during mid-day trading on Monday, reaching $73.97. 10,198,977 shares of the company were exchanged, compared to its average volume of 1,432,721. Vaxcyte has a 52 week low of $39.87 and a 52 week high of $90.75. The company's 50 day moving average price is $58.67 and its 200 day moving average price is $56.18. The stock has a market capitalization of $11.01 billion, a PE ratio of -9.69 and a beta of 1.23.

Vaxcyte (NASDAQ:PCVX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.97) earnings per share for the quarter, topping analysts' consensus estimates of ($2.06) by $0.09. During the same quarter in the prior year, the business earned ($1.22) earnings per share. On average, sell-side analysts predict that Vaxcyte will post -7.6 earnings per share for the current year.

Insider Activity at Vaxcyte

In related news, insider Harpreet S. Dhaliwal sold 17,000 shares of Vaxcyte stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $55.00, for a total transaction of $935,000.00. Following the transaction, the insider directly owned 76,756 shares of the company's stock, valued at $4,221,580. This trade represents a 18.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew Guggenhime sold 10,000 shares of Vaxcyte stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $53.89, for a total transaction of $538,900.00. Following the completion of the transaction, the chief financial officer directly owned 105,176 shares in the company, valued at approximately $5,667,934.64. The trade was a 8.68% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 55,890 shares of company stock worth $3,111,189. Insiders own 3.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PCVX. First Light Asset Management LLC lifted its position in Vaxcyte by 143.4% during the second quarter. First Light Asset Management LLC now owns 345,157 shares of the company's stock valued at $20,064,000 after purchasing an additional 203,373 shares during the period. Engineers Gate Manager LP acquired a new position in Vaxcyte in the second quarter valued at approximately $1,906,000. IFP Advisors Inc grew its stake in shares of Vaxcyte by 72.8% during the 2nd quarter. IFP Advisors Inc now owns 560 shares of the company's stock worth $33,000 after purchasing an additional 236 shares during the period. Arizona State Retirement System grew its stake in shares of Vaxcyte by 4.3% during the 2nd quarter. Arizona State Retirement System now owns 33,755 shares of the company's stock worth $1,962,000 after purchasing an additional 1,394 shares during the period. Finally, Nykredit A S purchased a new stake in Vaxcyte during the second quarter worth $280,000. 96.78% of the stock is owned by institutional investors and hedge funds.

Vaxcyte News Roundup

Here are the key news stories impacting Vaxcyte this week:

• Positive Sentiment: VAX-31 met all prespecified primary endpoints across the adult age groups studied, with immune responses comparable to Pfizer’s Prevnar 20 and Merck’s Capvaxive. The results support Vaxcyte’s potential to advance VAX-31 toward a competitive position in the pneumococcal vaccine market. Vaxcyte Reports Positive Topline Data from OPUS-1
• Positive Sentiment: Broader vaccine coverage and strong immune responses could help VAX-31 compete with established products from Pfizer and Merck. Jefferies estimates the adult pneumococcal vaccine market could be worth $3 billion to $6 billion or more, increasing the potential commercial opportunity for Vaxcyte. Vaxcyte shares surge on late-stage vaccine trial success
• Positive Sentiment: Investor interest intensified, with options activity running above its typical level as traders positioned around the Phase 3 data release.
• Neutral Sentiment: The results are topline data; Vaxcyte must still complete regulatory review and seek approval before VAX-31 can generate revenue. Additional safety, durability, manufacturing and commercialization details remain important for valuation.

Vaxcyte Company Profile

Vaxcyte, Inc NASDAQ: PCVX is a clinical-stage biotechnology company focused on developing vaccines to help prevent serious bacterial infections. The company uses its cell-free protein synthesis and advanced conjugation technologies to design vaccines intended to provide broad and durable protection while addressing limitations of existing vaccine products.

Vaxcyte's lead programs are pneumococcal conjugate vaccine candidates, including VAX-24 and VAX-31, which are designed to target a broad range of pneumococcal serotypes.

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