BofA lowered the firm’s price target on Vaxcyte (PCVX) to $137 from $157 following the company’s report of Phase 2 dose-finding data for VAX-24 in infants, but thinks the reaction that saw the stock plunge 50% was “overdone” given that the study was underpowered and designed to inform Phase 3 dose selection, which it achieved. The firm thinks “the knee-jerk stock move overlooks some of the nuances” with small Phase 2 trials in infants, says the analyst, who keeps a Buy rating on the shares.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PCVX:
- Vaxcyte’s Promising Vaccine Potential and Market Expansion Drive Buy Rating
- Vaxcyte’s Strong Phase 2 Data and Future Prospects Justify Buy Rating Despite Market Overreaction
- Vaxcyte price target lowered to $90 from $140 at Needham
- Vaxcyte’s VAX-24: Promising Infant Vaccine Results Amidst Investor Concerns
- Optimistic Outlook for Vaxcyte: Potential for Improved Vaccine Efficacy in Future Trials