Vaxcyte (PCVX) AI Stock Analysis

• Market Cap: $8.92B
• Dividend Yield: N/A
• Average Volume (3M): 1.51M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.53
• Revenue Growth: N/A
• EPS Growth: -5.21%
• Country: US
• Employees: 414
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.81
• Shares Outstanding: 143,920,360
• 10 Day Avg. Volume: 1,221,621
• 30 Day Avg. Volume: 1,506,603
• PEG Ratio: -0.17
• Price to Book (P/B): 2.34
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -9.38
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -11.45
• 1Y Price Target: $105.14
• Price Target Upside: 69.64% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -6.13
• Revenue Forecast (FY): $18.75M

• Rating: 56 Neutral
• Price Target: $63.00 ▲(1.65% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is mainly held back by weak financial performance (no revenue, expanding losses and heavy cash burn), partially offset by a strong balance sheet. Earnings call updates provide meaningful support via extended cash runway, Phase III clinical momentum, and manufacturing readiness, while technicals are positive but overextended and valuation offers limited support due to negative earnings and no dividend.

Positive Factors

Strong Balance Sheet & Runway

A multi-year cash runway materially reduces near-term financing risk and lets Vaxcyte fund late-stage OPUS trials, manufacturing scale-up and commercial planning without immediate dependence on dilutive capital. This preserves strategic optionality and execution focus through key 2026–2027 milestones.

Manufacturing & Commercial Readiness

Owning a commercial-scale facility and advancing fill–finish capacity reduces supply-chain dependency, accelerates launch readiness and de-risks inspections/consistency studies. This structural capability supports scalable supply, potential margin advantages and faster time-to-market versus reliance on third-party CMOs.

Late-Stage Clinical Momentum

Progress into pivotal trials and completed infant enrollment shift value creation from preclinical to regulatory inflection points. Timely Phase III execution creates clear, near‑term de‑risking events that could enable licensure pathways and commercialization planning within a multi‑year horizon.

Negative Factors

High Cash Burn

Sustained, large negative operating and free cash flows materially consume resources and increase reliance on capital markets. Even with current runway, persistent burn raises the probability of future financings that dilute equity and constrain spending flexibility if market access tightens or trials require higher-than-expected spend.

Rising 2026 R&D and Operating Expenses

A planned step-up in clinical and manufacturing expenses will accelerate cash consumption and reduce near-term margin prospects. Structural shifts—less capitalization of facility costs and more expensing—mean higher operating spend and pressure on future profitability unless offset by program success or new revenue streams.

Serotype-Level Regulatory Uncertainty & Competition

Noninferiority designs that allow serotype misses create label uncertainty and potential post‑marketing obligations, complicating uptake. Combined with multiple competitor PCVs in development, this structural risk can limit market share, pricing power and long‑term commercial returns even if overall coverage is broader.

Vaxcyte Business Overview & Revenue Model

Company Description

Vaxcyte, Inc., a clinical-stage biotechnology vaccine company, develops novel protein vaccines to prevent or treat bacterial infectious diseases. Its lead vaccine candidate is VAX-24, a 24-valent investigational pneumococcal conjugate vaccine that is in Phase 1/2 clinical trials to treat invasive pneumococcal disease and pneumonia. The company also develops VAX-XP to protect against emerging strains and address antibiotic resistance; VAX-A1, a conjugate vaccine candidate designed to treat Group A Strep; and VAX-PG, a novel protein vaccine candidate targeting keystone pathogen responsible for periodontitis. The company was formerly known as SutroVax, Inc. and changed its name to Vaxcyte, Inc. in May 2020. Vaxcyte, Inc. was incorporated in 2013 and is headquartered in San Carlos, California.

How the Company Makes Money

Vaxcyte 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

Financials reflect a pre-revenue biotech profile: revenue is $0 and losses/cash burn have widened materially (operating and free cash flow deeply negative). The key offset is a strong, low-leverage balance sheet with substantial equity, providing funding flexibility despite negative ROE.

Income Statement

The income statement is weak, reflecting a pre-revenue biotechnology profile: revenue is $0 across all reported years, and losses have widened materially, with net loss increasing from about $89M (2020) to about $767M (2025). Operating losses also expanded sharply (EBIT roughly -$90M to -$924M), signaling rising R&D and operating spend without offsetting commercial revenue yet. The main positive is that the loss profile is consistent with an R&D ramp rather than margin compression, but profitability visibility remains limited until revenue begins.

Balance Sheet

The balance sheet is a relative strength. Leverage is low, with debt-to-equity staying very modest (about 0.02–0.06, ~0.04 in 2025) despite debt rising to ~$117M in 2025. Equity remains sizable (~$2.69B in 2025) and assets are large (~$3.00B), providing a cushion to fund development. The key weakness is ongoing negative returns on equity (about -29% in 2025), meaning capital is being consumed by operating losses rather than generating profits.

Cash Flow

Cash flow is pressured by heavy cash burn. Operating cash flow is consistently negative and has deteriorated from about -$47M (2020) to about -$656M (2025), with free cash flow similarly negative (~- $669M in 2025). A modest positive is that free cash flow broadly tracks net loss (free cash flow slightly more favorable than net income in recent years), suggesting limited non-cash distortions, but the scale and acceleration of burn increases funding risk if capital markets tighten.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00
EBITDA	-741.77M	-448.08M	-392.10M	-214.03M	-96.61M
Net Income	-766.63M	-463.93M	-402.27M	-223.49M	-100.08M
Balance Sheet
Total Assets	3.05B	3.51B	1.41B	1.01B	324.34M
Cash, Cash Equivalents and Short-Term Investments	1.56B	1.75B	1.08B	931.38M	245.97M
Total Debt	228.84M	71.11M	29.22M	17.94M	16.78M
Total Liabilities	360.45M	205.50M	167.45M	52.56M	40.32M
Stockholders Equity	2.69B	3.31B	1.24B	953.61M	284.02M
Cash Flow
Free Cash Flow	-669.29M	-475.05M	-364.67M	-176.44M	-127.95M
Operating Cash Flow	-655.58M	-452.63M	-296.79M	-170.60M	-121.39M
Investing Cash Flow	437.35M	-2.01B	-773.31M	74.58M	-212.31M
Financing Cash Flow	2.01M	2.45B	639.81M	861.55M	17.80M

Vaxcyte Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 61.98
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PCVX, the sentiment is Positive. The current price of 61.98 is above the 20-day moving average (MA) of 57.36, above the 50-day MA of 51.77, and above the 200-day MA of 40.93, indicating a bullish trend. The MACD of 2.82 indicates Negative momentum. The RSI at 66.00 is Neutral, neither overbought nor oversold. The STOCH value of 68.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PCVX.

Vaxcyte Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KRYS	81 Outperform	$7.57B	37.81	18.91%	―	54.51%	275.94%
PTCT	65 Neutral	$5.49B	8.58	―	―	97.54%	―
ACLX	64 Neutral	$6.67B	-28.13	-53.42%	―	-76.96%	-425.41%
PCVX	56 Neutral	$8.92B	-10.86	-25.59%	―	―	-5.21%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ZLAB	51 Neutral	$2.06B	-11.46	-22.62%	―	23.73%	30.16%

Vaxcyte Corporate Events

Vaxcyte Launches New $500 Million ATM Equity Program

On February 24, 2026, Vaxcyte, Inc. entered into a new sales agreement with Leerink Partners LLC that allows the company to sell up to $500 million of its common stock from time to time in an at-the-market offering under an existing shelf registration. The arrangement provides flexible access to equity capital via sales on Nasdaq or other markets, with Leerink earning up to 3% of gross proceeds, while Vaxcyte retains discretion over whether, when and how many shares to sell, though there is no assurance any shares will be issued.

Effective the same date, Vaxcyte terminated its prior open market sale agreement with Jefferies LLC, under which it had already raised approximately $270.3 million since 2021, signaling a shift in placement partners but a continued reliance on at-the-market offerings as a key financing tool. The new facility could materially affect the company’s capital structure and funding capacity, with potential implications for existing shareholders depending on the scale and timing of future issuances.

The most recent analyst rating on (PCVX) stock is a Buy with a $85.00 price target. To see the full list of analyst forecasts on Vaxcyte stock, see the PCVX Stock Forecast page.

Vaxcyte Completes Public Equity Offering, Bolstering Capital Position

On January 29, 2026, Vaxcyte, Inc. entered into an underwriting agreement with a syndicate of investment banks to conduct a public offering of 11,000,000 shares of its common stock at $50.00 per share, with the underwriters purchasing the shares at $47.50 per share. The company granted the underwriters a 30-day option to buy up to an additional 1,650,000 shares, which the underwriters elected to exercise in full on January 30, 2026, bringing total net proceeds to approximately $600.2 million after underwriting discounts, commissions and expenses; the offering, made under an effective shelf registration, closed on February 2, 2026 and strengthens Vaxcyte’s capital position, potentially enhancing its ability to fund development programs and reinforcing its standing in the competitive vaccine development sector.

The most recent analyst rating on (PCVX) stock is a Hold with a $57.00 price target. To see the full list of analyst forecasts on Vaxcyte stock, see the PCVX Stock Forecast page.

Vaxcyte Enhances Executive Severance to Align With Market

On December 18, 2025, Vaxcyte amended existing executive change in control and severance agreements for its top executives, following approval by the board’s compensation committee as part of its annual compensation review and planning process. Effective December 31, 2025, the company will increase base salary, bonus and COBRA coverage severance multipliers for CEO Grant Pickering and for President and CFO Andrew Guggenhime, COO Jim Wassil and CTO Harpreet Dhaliwal, both for standard qualifying terminations and for change-in-control-related terminations, in order to bring executive severance levels more in line with market peers and potentially strengthen leadership retention and alignment with shareholder interests.

The most recent analyst rating on (PCVX) stock is a Buy with a $85.00 price target. To see the full list of analyst forecasts on Vaxcyte stock, see the PCVX Stock Forecast page.