Vaxcyte (NASDAQ:PCVX) Shares Climb 8.7% – Here’s Why

Vaxcyte, Inc. (NASDAQ:PCVX)’s stock price shot up 8.7% during trading on Friday. The stock traded as high as $70.18 and last traded at $70.6680. 1,332,321 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 1,567,382 shares. The stock had previously closed at $65.01.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PCVX. Zacks Research raised shares of Vaxcyte from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 12th. BTIG Research reiterated a “buy” rating and set a $89.00 price target on shares of Vaxcyte in a report on Monday. Bank of America decreased their price objective on Vaxcyte from $133.00 to $130.00 and set a “buy” rating for the company in a report on Monday, September 28th. Guggenheim upped their target price on Vaxcyte from $116.00 to $125.00 and gave the company a “buy” rating in a report on Monday. Finally, Needham & Company LLC boosted their price target on shares of Vaxcyte from $110.00 to $122.00 and gave the stock a “buy” rating in a research report on Monday. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $108.60.

Vaxcyte Stock Up 8.6%

The company has a market cap of $10.51 billion, a PE ratio of -9.27 and a beta of 1.23. The stock has a 50-day moving average of $59.74 and a 200-day moving average of $56.56.

Vaxcyte (NASDAQ:PCVX) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($1.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.06) by $0.09. During the same period in the prior year, the business posted ($1.22) EPS. Research analysts expect that Vaxcyte, Inc. will post -8.07 EPS for the current year.

Insider Buying and Selling

In related news, CEO Grant Pickering sold 16,198 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $55.63, for a total transaction of $901,094.74. Following the completion of the transaction, the chief executive officer owned 453,247 shares in the company, valued at $25,214,130.61. This represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jim Wassil sold 18,000 shares of the company’s stock in a transaction on Monday, October 5th. The stock was sold at an average price of $86.74, for a total transaction of $1,561,320.00. Following the completion of the transaction, the executive vice president owned 145,435 shares of the company’s stock, valued at $12,615,031.90. This trade represents a 11.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 92,890 shares of company stock valued at $6,320,569 over the last quarter. Company insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Vaxcyte

Hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its holdings in shares of Vaxcyte by 72.8% during the 2nd quarter. IFP Advisors Inc now owns 560 shares of the company’s stock valued at $33,000 after acquiring an additional 236 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Vaxcyte by 1,924.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 830 shares of the company’s stock valued at $38,000 after buying an additional 789 shares in the last quarter. Capital Advisors Ltd. LLC bought a new stake in Vaxcyte during the 1st quarter worth approximately $58,000. EverSource Wealth Advisors LLC raised its position in shares of Vaxcyte by 68.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,248 shares of the company’s stock valued at $73,000 after purchasing an additional 507 shares during the period. Finally, Allworth Financial LP purchased a new stake in Vaxcyte in the 2nd quarter worth $75,000. 96.78% of the stock is owned by institutional investors.

Vaxcyte Company Profile

Vaxcyte, Inc (NASDAQ: PCVX) is a clinical-stage biotechnology company focused on developing vaccines to help prevent serious bacterial infections. The company uses its cell-free protein synthesis and advanced conjugation technologies to design vaccines intended to provide broad and durable protection while addressing limitations of existing vaccine products.

Vaxcyte’s lead programs are pneumococcal conjugate vaccine candidates, including VAX-24 and VAX-31, which are designed to target a broad range of pneumococcal serotypes.