Vaxcyte Shares Surge 36% to New Highs on Positive Phase 1/2 PCV Study Data

Sep 3, 2024, 01:17 PM

Vaxcyte Inc. (PCVX) shares surged by 36%, reaching new highs following positive data from its Phase 1/2 PCV study, which has been described as a 'grand slam' by Cantor. The study's success supports Vaxcyte's vaccine candidate, VAX-31, which shows promise in both infants and adults. This development has led to an increase in the peak sales estimate to $6 billion from the previous $5 billion, with a price target of $140. Bank of America (BofA) analysts highlighted the vaccine's potential to dominate the $8 billion+ market. The biotech company is positioning itself to compete with Pfizer in a market valued at $10 billion. The strong performance of Vaxcyte's stock reflects investor optimism about its potential to capture significant market share.