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.
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