- Vaxcyte ( NASDAQ: PCVX ) added ~70% intraday on Monday to reach the highest level since November 2020 after the clinical-stage vaccine developer announced promising data from a Phase 1/2 clinical study for its experimental 24-valent pneumococcal vaccine (PCV), VAX-24.
- In addition to data indicating non-inferiority to Pfizer’s ( PFE ) Prevnar 20 (PCV20) for 20 serotypes common in both vaccines, the proof-of-concept trial also demonstrated that the safety and tolerability profile of VAX-24 was comparable to PCV20, Vaxcyte ( PCVX ) said.
- Following the readout, Bank of America raised its price target on the stock from $37 to a Street high of $67, citing an increase in the probability of success and peak market share for VAX-24.
- The highly positive first-in-human (FIH) data for the PCV candidate sets VAX-24 as a potentially best-in-class shot in the $7B PCV market, BoA analysts wrote, reiterating the Buy rating on the stock.
- Vaxcyte ( PCVX ) is a favorite on Wall Street with five Buy ratings and a $48.50 per share target.
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Vaxcyte climbs 70% after pneumococcal vaccine data