2023-04-18 14:26:12 ET
- TD Cowen has initiated Vaxcyte ( NASDAQ: PCVX ) with an outperform rating saying that its pneumococcal vaccine candidate, VAX-24, has the potential to become the market leading shot for the disease.
- The firm does not have a price target.
- Analyst Boris Peaker said that compared to Pfizer's ( PFE ) Prevnar 13/20 and Merck's ( MRK ) Vaxneuvance, VAX-24 uses a different technology that allows for a broader spectrum vaccine of 24 valency.
- The market for pneumococcal vaccines was $7.4B in 2022. Pfizer ( PFE ) dominates it with an 85% share.
- Peaker added that the candidate has been buoyed by positive phase 2 results. He noted that VAX-24 demonstrated increased immunogenicity across many strains vs. PCV20 even though it has four additional serotypes.
- He predicts VAX-24 will launch in 2027 for adults, followed in 2029 for infants. He sees more than $1B in sales by 2030.
- Vaxcyte ( PCVX ) released the phase 2 data on VAX-24 on Monday.adding 4 more serotypes.
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Vaxcyte initiated at outperform at TD Cowen on pneumococcal vaccine