TD Cowen analyst Tara Bancroft lowered the firm’s price target on Vaxcyte (PCVX) to $50 from $85 and keeps a Buy rating on the shares. The firm is confident that VAX-31 in adults should lead to robust immunogenicity and protection, resulting in a large market. In infants, though TD Cowen is heartened that the Phase II is moving forward with an optimized dose, this extends the data timeline to the first half of 2027. The firm remains confident in the success of the adult and infant programs.
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