Analyst Tara Bancroft from TD Cowen maintained a Buy rating on Vaxcyte (PCVX – Research Report) and decreased the price target to $85.00 from $135.00.
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Tara Bancroft’s rating is based on a combination of factors including the promising outlook for Vaxcyte’s VAX-31 and VAX-24 vaccines. The optimism stems from the expectation that VAX-31 will perform well in infants as it has in adults, with a pivotal Phase III trial set to begin in mid-2025. The data from these trials are anticipated to be robust, which supports the company’s decision to advance VAX-31 into further studies.
Additionally, despite VAX-24’s Phase II data for infants falling slightly short of expectations, the coverage of the most prevalent serotypes is seen as significant for regulatory approval and market potential. The overall high titers and overlapping error bars are viewed positively by experts, suggesting potential commercial success. These factors contribute to the Buy rating, reflecting confidence in Vaxcyte’s ability to capture a significant share of the growing PCV market.
In another report released on April 21, Cantor Fitzgerald also initiated coverage with a Buy rating on the stock with a $0.00 price target.