Vaxcyte price target raised to $67 from $38 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Vaxcyte (PCVX) to $67 from $38 and keeps a Neutral rating on the shares. Since coverage initiation, shares have risen steadily due to clinical progress on VAX-31, a slower-than-expected competitive landscape, and stable policy around the 4-dose infant schedule, contributing to year-to-date outperformance, the analyst tells investors in a research note. Upcoming VAX-31 Phase 3 adult data, Phase 2 pediatric readouts, and competitive developments viewed as key de-risking catalysts, the firm adds.