Cormorant Asset Management LP Sells 250,000 Shares of Vaxcyte, Inc. $PCVX

Key Points

• Cormorant Asset Management LP reduced its holdings in Vaxcyte, Inc. by 58.8%, selling 250,000 shares and leaving it with 175,000 shares valued at $6.6 million.
• Vaxcyte's stock recently traded at $32.10, with a significant trading range over the past year, having a low of $27.66 and a high of $121.06.
• Analysts maintain a positive outlook on Vaxcyte, with an average rating of "Buy" and a target price of $130.00 despite the company reporting a larger-than-expected loss in its latest earnings.

Cormorant Asset Management LP trimmed its position in Vaxcyte, Inc. (NASDAQ:PCVX - Free Report) by 58.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 175,000 shares of the company's stock after selling 250,000 shares during the quarter. Cormorant Asset Management LP owned about 0.14% of Vaxcyte worth $6,608,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Rhumbline Advisers increased its holdings in shares of Vaxcyte by 5.5% in the first quarter. Rhumbline Advisers now owns 181,230 shares of the company's stock worth $6,843,000 after purchasing an additional 9,416 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Vaxcyte by 5.8% in the first quarter. PNC Financial Services Group Inc. now owns 9,600 shares of the company's stock worth $362,000 after purchasing an additional 524 shares during the last quarter. Parallel Advisors LLC increased its position in Vaxcyte by 203.6% in the first quarter. Parallel Advisors LLC now owns 1,597 shares of the company's stock worth $61,000 after purchasing an additional 1,071 shares during the last quarter. Raymond James Financial Inc. increased its position in Vaxcyte by 10.7% in the first quarter. Raymond James Financial Inc. now owns 293,134 shares of the company's stock worth $11,069,000 after purchasing an additional 28,430 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Vaxcyte by 75.4% in the first quarter. Envestnet Asset Management Inc. now owns 96,600 shares of the company's stock worth $3,648,000 after purchasing an additional 41,517 shares during the last quarter. 96.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Cowen reaffirmed a "buy" rating on shares of Vaxcyte in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the stock. According to MarketBeat.com, Vaxcyte currently has an average rating of "Buy" and a consensus target price of $130.00.

Vaxcyte Trading Up 2.7%

Shares of NASDAQ:PCVX traded up $0.87 during trading on Friday, reaching $33.02. The company's stock had a trading volume of 1,375,472 shares, compared to its average volume of 1,478,937. Vaxcyte, Inc. has a 12 month low of $27.66 and a 12 month high of $121.06. The firm's 50 day simple moving average is $33.22 and its two-hundred day simple moving average is $40.67. The stock has a market capitalization of $4.29 billion, a PE ratio of -8.03 and a beta of 1.04.

Vaxcyte (NASDAQ:PCVX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($1.22) EPS for the quarter, missing the consensus estimate of ($1.12) by ($0.10). During the same quarter in the prior year, the company posted ($1.10) EPS. Research analysts anticipate that Vaxcyte, Inc. will post -4.21 EPS for the current fiscal year.

Vaxcyte Company Profile

Vaxcyte, Inc, a clinical-stage biotechnology vaccine company, develops novel protein vaccines to prevent or treat bacterial infectious diseases. Its lead vaccine candidate is VAX-24, a 24-valent investigational pneumococcal conjugate vaccine for the prevention of invasive pneumococcal disease. The company also develops VAX-31 to protect against emerging strains and to help address antibiotic resistance; VAX-A1, a novel conjugate vaccine candidate to prevent disease caused by Group A Streptococcus; VAX-PG, a novel protein vaccine candidate targeting keystone pathogen responsible for periodontitis; and VAX-GI to prevent Shigella, a bacterial illness.