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Vaxcyte, Inc. (PCVX)
NASDAQ:PCVX
Top Page
Vaxcyte
(NASDAQ:PCVX)51Neutral
Positive Factors
Clinical Data Outcome
A positive readout here, our base case, could potentially put the stock in the ~$100+ territory again.
Regulatory Support
Vaccines for pneumococcal diseases seem the least likely for regulators to play around with, indicating stability in regulatory support.
Negative Factors
Market Uncertainty
There is some lingering concern the negative macro, RFK backdrop may partially mute the potential opportunity on the print.
Vaxcyte (PCVX) vs. S&P 500 (SPY)
Market Cap
$9.51B
Dividend YieldN/A
Average Volume (3M)1.13M
Price to Earnings (P/E)―
Beta (1Y)0.38
Revenue GrowthN/A
EPS Growth7.75%
CountryUS
Employees254
SectorHealthcare
Sector Strength74
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.88
Shares Outstanding128,761,630
10 Day Avg. Volume1,571,858
30 Day Avg. Volume1,132,606
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
Price to Cash Flow (P/CF)-21.60
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$147.17Price Target Upside106.76% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
Vaxcyte Business Overview & Revenue Model
Company DescriptionVaxcyte, Inc. (PCVX) is a biotechnology company focused on developing innovative vaccines for the prevention of infectious diseases. Operating within the pharmaceutical and biotechnology sectors, Vaxcyte's core product offerings include conjugate and protein-based vaccines designed to address significant unmet medical needs. The company's lead vaccine candidates aim to provide comprehensive protection against pneumococcal infections and other bacterial pathogens.
How the Company Makes MoneyVaxcyte makes money primarily through the development and commercialization of its vaccine candidates. The company's revenue model involves research and development (R&D) investments to advance its vaccine pipeline through clinical trials, regulatory approval, and ultimately, market launch. Key revenue streams include potential product sales, milestone payments, and royalties from partnerships or licensing agreements with other pharmaceutical companies. Additionally, Vaxcyte may benefit from government grants or funding to support vaccine development. Strategic collaborations with industry partners can also contribute to its earnings by sharing development costs and expanding market reach upon commercialization.
Vaxcyte Financial Statement Overview
Summary
Vaxcyte's financial performance is typical for a biotech firm in an early stage, with no revenue and significant R&D expenses. The balance sheet shows strong liquidity and equity base, offsetting the operational losses. Cash flow from operations is negative but supported by financing activities.Income Statement
Vaxcyte has consistently reported no revenue, which is typical for early-stage biotechnology companies focusing on product development. The company has a negative EBIT and EBITDA, indicating ongoing operational losses. The net income has been negative over the years, reflecting substantial R&D and operating expenses without offsetting revenue. However, this is a standard profile for a biotech firm in the development phase.35
Negative
Balance Sheet
The company's balance sheet shows strong liquidity, with cash and short-term investments significantly exceeding total debt, resulting in a negative net debt. The stockholders' equity is robust, and the equity ratio is high, indicating financial stability. However, the lack of revenue generation and increasing liabilities over time are potential concerns if the trend continues without revenue.60
Neutral
Cash Flow
Operating cash flow is negative, reflecting the company's pre-revenue stage and heavy investment in R&D. Free cash flow is also negative, though financing activities have been strong, suggesting continued investor confidence. The company has maintained its cash position through financing, offsetting the negative cash flow from operations.50
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | Gross Profit |
| 0.00 | -75.00M | -9.20M | -1.80M | -1.41M | EBIT |
| -569.55M | -468.04M | -232.26M | -103.67M | -89.58M | EBITDA |
| -569.55M | -464.88M | -214.29M | -98.28M | -87.81M | Net Income Common Stockholders |
| -463.93M | -402.27M | -239.64M | -100.08M | -87.82M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 1.75B | 1.08B | 931.38M | 245.97M | 386.20M | Total Assets |
| 3.51B | 1.41B | 1.01B | 324.34M | 392.83M | Total Debt |
| 71.11M | 29.22M | 17.94M | 16.78M | 0.00 | Net Debt |
| -316.77M | -368.23M | -816.72M | -52.20M | -386.20M | Total Liabilities |
| 205.50M | 167.45M | 52.56M | 40.32M | 46.98M | Stockholders Equity |
| 3.31B | 1.24B | 953.61M | 284.02M | 345.84M |
| Cash Flow | Free Cash Flow | |||
| -475.05M | -364.67M | -176.44M | -127.95M | -47.78M | Operating Cash Flow |
| -452.63M | -296.79M | -170.60M | -121.39M | -46.63M | Investing Cash Flow |
| -2.01B | -773.31M | 74.58M | -212.31M | -1.10M | Financing Cash Flow |
| 2.45B | 639.81M | 861.55M | 17.80M | 374.87M |
Vaxcyte Technical Analysis
Negative
71.18
Price Trends
83.48
Negative
91.30
Negative
89.13
Negative
Market Momentum
-3.82
Positive
33.42
Neutral
27.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PCVX, the sentiment is Negative. The current price of 71.18 is below the 20-day moving average (MA) of 79.45, below the 50-day MA of 83.48, and below the 200-day MA of 89.13, indicating a bearish trend. The MACD of -3.82 indicates Positive momentum. The RSI at 33.42 is Neutral, neither overbought nor oversold. The STOCH value of 27.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PCVX.
Vaxcyte Risk Analysis
Vaxcyte disclosed 70 risk factors in its most recent earnings report. Vaxcyte reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vaxcyte Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $148.71B | 18.62 | 9.05% | 6.44% | 8.77% | 272.80% | |
69 Neutral | $78.92B | 24.35 | 19.11% | 3.88% | 6.28% | -47.11% | |
56 Neutral | $26.57B | ― | -2.37% | ― | -52.11% | -118.03% | |
51 Neutral | $9.51B | ― | -20.41% | ― | ― | 7.75% | |
49 Neutral | $7.05B | 0.34 | -55.09% | 2.46% | 25.27% | -3.43% | |
48 Neutral | $13.23B | ― | -28.77% | ― | -52.75% | 25.00% | |
40 Underperform | $1.27B | ― | 30.06% | ― | -30.65% | 77.62% |
* Healthcare Sector Average
Performance Comparison
PCVX
Vaxcyte
71.18
0.93
1.32%
GSK
GlaxoSmithKline
40.05
-1.24
-3.00%
NVAX
Novavax
8.34
3.21
62.57%
PFE
Pfizer
26.73
0.03
0.11%
MRNA
Moderna
35.61
-76.37
-68.20%
BNTX
BioNTech SE
108.78
12.48
12.96%
Vaxcyte Earnings Call Summary
Earnings Call Date: Feb 25, 2025 | % Change Since: -10.30% | Next Earnings Date: May 12, 2025
Earnings Call Sentiment Positive
The earnings call highlighted Vaxcyte's strong financial position, significant clinical and manufacturing progress, and proactive regulatory engagement. However, challenges include increased expenses, potential regulatory uncertainties, and the need to meet non-inferiority criteria in clinical studies. Vaxcyte remains optimistic about its pipeline and future growth.Highlights
Strong Financial Position
Vaxcyte ended 2024 with $3.13 billion in cash, cash equivalents, and investments, bolstered by $2.2 billion from successful equity offerings.
VAX-31 Clinical Success
VAX-31 showed strong Phase 1/2 results in adults, leading to its advancement to Phase 3, with Breakthrough Therapy Designation granted by the FDA.
Manufacturing Expansion
Vaxcyte is building a dedicated manufacturing suite with Lonza, on track for completion by early next year, supporting future global supply.
Progress in Early-Stage Vaccine Candidates
Vaxcyte continues to advance vaccine candidates against AMR threats, including VAX-A1 for Group A Strep.
Regulatory Engagement
Vaxcyte established a public affairs function, enhancing engagement with policymakers to support vaccine innovation.
Lowlights
Increased Expenses
R&D and G&A expenses increased in 2024 due to development, manufacturing, and personnel costs, with further increases expected in 2025.
Regulatory Uncertainty
Potential changes in vaccine policies under the new administration could impact future vaccine schedules and recommendations.
Challenges in Achieving Non-Inferiority
Concerns about meeting non-inferiority criteria in upcoming Phase 2 and 3 studies, especially given historical precedents of serotype misses.
Company Guidance
During the Vaxcyte fourth quarter and full year 2024 earnings call, key guidance was provided on the company's financial and operational outlook. As of December 31, 2024, Vaxcyte reported a strong financial position with $3.13 billion in cash, cash equivalents, and investments. The company anticipates significant increases in R&D and G&A expenses in 2025, primarily driven by manufacturing investments for the VAX-31 adult Phase 3 clinical program and the growth in personnel. Vaxcyte's dedicated manufacturing suite at Lonza is on track to be completed by early 2025, with $127.8 million in additional capital expenditures in 2024, bringing the total project cost to $214.3 million. Operationally, the company is advancing its PCV franchise, with the VAX-31 adult Phase 3 pivotal study expected to initiate by mid-2025 and top-line data anticipated in 2026. Additionally, Vaxcyte is progressing its VAX-24 and VAX-31 infant programs, with the first key dataset for VAX-31 expected by mid-2026. These efforts are supported by a robust pipeline aimed at addressing bacterial threats and antimicrobial resistance, ensuring Vaxcyte is well-prepared for sustainable growth and future vaccine launches.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.