Bank of America Corp DE Invests $62.71 Million in Vaxcyte, Inc. $PCVX

Key Points

• Bank of America acquired 1,078,798 Vaxcyte shares worth approximately $62.7 million, representing a 0.72% stake at the end of the second quarter.
• Institutional investors and hedge funds own 96.78% of Vaxcyte, with several other firms initiating or increasing positions during the quarter.
• Vaxcyte reported a quarterly loss of $1.97 per share, better than the expected $2.06 loss. Analysts maintain a “Moderate Buy” consensus with an average price target of $98, compared with a recent share price near $58.

Bank of America Corp DE bought a new position in shares of Vaxcyte, Inc. (NASDAQ:PCVX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,078,798 shares of the company's stock, valued at approximately $62,711,000. Bank of America Corp DE owned 0.72% of Vaxcyte at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Odyssean LLC boosted its position in shares of Vaxcyte by 211.5% in the second quarter. Odyssean LLC now owns 62,638 shares of the company's stock valued at $3,641,000 after acquiring an additional 42,527 shares during the period. Man Group plc bought a new position in Vaxcyte in the second quarter valued at approximately $4,745,000. Jupiter Topco LLC bought a new position in Vaxcyte in the second quarter valued at about $1,044,355,000. Elmind Capital LP acquired a new stake in shares of Vaxcyte in the 2nd quarter valued at approximately $26,294,524. Finally, ADAR1 Capital Management LLC bought a new stake in shares of Vaxcyte during the 2nd quarter valued at approximately $8,489,000. 96.78% of the stock is owned by institutional investors and hedge funds.

Vaxcyte Trading Down 3.7%

PCVX stock opened at $58.13 on Friday. The stock has a market cap of $8.65 billion, a P/E ratio of -7.62 and a beta of 1.22. The stock's fifty day simple moving average is $58.47 and its two-hundred day simple moving average is $56.27. Vaxcyte, Inc. has a 1-year low of $30.89 and a 1-year high of $65.00.

Vaxcyte (NASDAQ:PCVX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($1.97) EPS for the quarter, topping analysts' consensus estimates of ($2.06) by $0.09. During the same quarter in the prior year, the firm posted ($1.22) earnings per share. As a group, analysts forecast that Vaxcyte, Inc. will post -7.6 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Jim Wassil sold 3,477 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $61.07, for a total value of $212,340.39. Following the sale, the chief operating officer directly owned 155,041 shares of the company's stock, valued at $9,468,353.87. This trade represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Andrew Guggenhime sold 10,000 shares of Vaxcyte stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $53.89, for a total value of $538,900.00. Following the sale, the chief financial officer directly owned 105,176 shares of the company's stock, valued at approximately $5,667,934.64. This trade represents a 8.68% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 90,127 shares of company stock worth $5,021,389 in the last three months. Insiders own 3.30% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on PCVX shares. Wall Street Zen raised shares of Vaxcyte from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Zacks Research upgraded shares of Vaxcyte from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 12th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Vaxcyte in a research note on Monday, July 6th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Vaxcyte has a consensus rating of "Moderate Buy" and an average target price of $98.00.

About Vaxcyte

Vaxcyte, Inc is a clinical-stage biotechnology company focused on developing vaccines to prevent serious bacterial infections. The company's lead programs target pneumococcal disease, which can cause pneumonia, meningitis, bloodstream infections and other invasive illnesses. Vaxcyte is developing broad-spectrum pneumococcal conjugate vaccine candidates designed to protect against a wide range of bacterial serotypes.

Vaxcyte's pipeline has included VAX-24, an investigational 24-valent pneumococcal conjugate vaccine, and VAX-31, a next-generation candidate designed to cover 31 serotypes.

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