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Vaxcyte
(NASDAQ:PCVX)
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Rating:47Neutral
Price Target:
$55.00
▲(0.62% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily held down by weak financial performance driven by accelerating losses and heavy negative operating/free cash flow in TTM, partially offset by low leverage and a sizable equity base. Technicals are largely neutral with only modest support from trading above longer-term moving averages, while valuation remains challenging due to negative earnings and no dividend yield provided.
Positive Factors
Low leverage and large equity base
A very low debt-to-equity ratio and a sizable equity cushion provide durable financial flexibility for a pre-commercial biotech. This reduces near-term liquidity risk and gives management structural optionality to fund clinical programs, strategic partnerships, or manufacturing scale-up without immediate refinancing pressure.
Negative Factors
Accelerating negative operating cash flow
Rapidly increasing cash consumption is a durable risk: sustained negative operating cash flow of this magnitude requires repeated external financing, which can dilute shareholders and constrain strategic choices. Persistent high burn rates raise execution risk if capital markets tighten or clinical timelines slip.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and large equity base
A very low debt-to-equity ratio and a sizable equity cushion provide durable financial flexibility for a pre-commercial biotech. This reduces near-term liquidity risk and gives management structural optionality to fund clinical programs, strategic partnerships, or manufacturing scale-up without immediate refinancing pressure.
Read all positive factors
Vaxcyte (PCVX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.64B
Dividend YieldN/A
Average Volume (3M)1.56M
Price to Earnings (P/E)―
Beta (1Y)1.49
Revenue GrowthN/A
EPS Growth-83.87%
CountryUS
Employees507
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-7.64
Shares Outstanding148,805,280
10 Day Avg. Volume927,745
30 Day Avg. Volume1,559,662
Financial Highlights & Ratios
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<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$114.33Price Target Upside109.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-8.38
Revenue Forecast (FY)N/A
Vaxcyte Business Overview & Revenue Model
Company Description
Vaxcyte, Inc. is a biotechnology firm in the clinical development stage, dedicated to creating innovative protein-based vaccines. Its primary objective is to either prevent or manage bacterial infectious diseases. The company's leading vaccine can...
How the Company Makes Money
As a clinical-stage company without approved products, Vaxcyte has not historically generated recurring revenue from product sales. Its reported revenue, when present, typically comes from non-commercial sources such as collaboration-related payme...
Vaxcyte Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and clinical momentum story: robust balance sheet extended by a ~$600M financing, completion of a commercial-scale manufacturing facility on time and on budget, initiation of three pivotal/Phase III adult OPUS trials with expected top-line readouts over the next 18 months, completed infant enrollment (900 infants), and resumption of the Group A Strep program. Offsetting risks are mostly predictable near-term impacts from materially higher R&D and manufacturing expenses in 2026, serotype-level regulatory uncertainties (and the idiosyncratic challenge of serotype 3), and a competitive landscape with other PCV developers. Overall, the highlights—particularly cash runway, manufacturing completion, and late-stage clinical progress—materially outweigh the lowlights, which are manageable programmatic and financial execution risks.Positive Updates
Strong Financial Position and Recent Financing
Cash, cash equivalents and investments of $2.4 billion as of Dec 31, 2025, plus a subsequent public equity offering raising approximately $600.2 million in net proceeds; company states cash runway to at least the end of 2028.
Negative Updates
Projected Meaningful Increase in R&D and Total Expenses for 2026
Company expects total expenses, particularly R&D, to increase meaningfully in 2026 relative to full year 2025 and Q4 2025 annualized levels due to manufacturing scale-up, buildup of commercial supply and larger/more clinical trials; no specific percentage guidance provided.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Financial Position and Recent Financing
Cash, cash equivalents and investments of $2.4 billion as of Dec 31, 2025, plus a subsequent public equity offering raising approximately $600.2 million in net proceeds; company states cash runway to at least the end of 2028.
Read all positive updates
Company Guidance
The company guided to a busy, capital-intensive 2026–2027 cadence: as of 12/31/2025 Vaxcyte had $2.4 billion in cash, then raised ~ $600.2 million net proceeds and said this funding provides runway to at least the end of 2028; it expects total expenses—particularly R&D—to increase meaningfully in 2026 while capitalized costs trend down. Key clinical and timing metrics: the OPUS Phase III program will enroll ~6,000 adults (≈3,400 receiving VAX‑31) with OPUS‑1 top‑line safety/tolerability/immunogenicity data expected in Q4 2026 and OPUS‑2 and OPUS‑3 readouts in H1 2027; the VAX‑31 infant Phase II optimized cohort enrollment is complete (900 infants dosed) with primary 3‑dose and booster data due by end H1 2027; VAX‑A1 Phase I in adults is planned to start in 2026. Product and regulatory metrics highlighted include a 31‑valent design with 10–11 incremental serotypes versus comparators, analytical plans that allow noninferiority against one comparator for the 10 shared serotypes, roughly 10 serotypes comparing head‑to‑head with Prevnar‑20 and 8 exclusive serotypes versus Capvaxive, and the expectation to meet conventional safety exposure norms (>3,000 subjects); manufacturing progress includes a dedicated large‑scale facility completed on time/on budget, a North Carolina fill‑finish build‑out as part of up to $1 billion U.S. manufacturing investment, and ongoing plans for a manufacturing consistency study.Vaxcyte Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
74
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -865.00K | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -1.05B | -741.77M | -448.08M | -392.10M | -214.03M | -96.61M |
| Net Income | -1.06B | -766.63M | -463.93M | -402.27M | -223.49M | -100.08M |
Balance Sheet | ||||||
| Total Assets | 3.14B | 3.05B | 3.51B | 1.41B | 1.01B | 324.34M |
| Cash, Cash Equivalents and Short-Term Investments | 1.49B | 1.56B | 1.75B | 1.08B | 931.38M | 245.97M |
| Total Debt | 115.44M | 228.84M | 71.11M | 29.22M | 17.94M | 16.78M |
| Total Liabilities | 380.21M | 360.45M | 205.50M | 167.45M | 52.56M | 40.32M |
| Stockholders Equity | 2.76B | 2.69B | 3.31B | 1.24B | 953.61M | 284.02M |
Cash Flow | ||||||
| Free Cash Flow | -1.20B | -669.29M | -475.05M | -364.67M | -176.44M | -127.95M |
| Operating Cash Flow | -1.16B | -655.58M | -452.63M | -296.79M | -170.60M | -121.39M |
| Investing Cash Flow | -82.81M | 437.35M | -2.01B | -773.31M | 74.58M | -212.31M |
| Financing Cash Flow | 1.21B | 2.01M | 2.45B | 639.81M | 861.55M | 17.80M |
Vaxcyte Technical Analysis
Positive
54.66
Price Trends
54.90
Positive
55.24
Positive
52.87
Positive
Market Momentum
1.11
Negative
60.63
Neutral
80.16
Negative
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 54.66 is below the 20-day moving average (MA) of 56.64, below the 50-day MA of 54.90, and above the 200-day MA of 52.87, indicating a bullish trend. The MACD of 1.11 indicates Negative momentum. The RSI at 60.63 is Neutral, neither overbought nor oversold. The STOCH value of 80.16 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PCVX.
Vaxcyte Risk Analysis
Vaxcyte disclosed 71 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $9.83B | 40.60 | 19.34% | ― | 22.63% | 62.39% | |
53 Neutral | $5.98B | -148.73 | 21.72% | ― | -42.84% | -106.21% | |
52 Neutral | $2.91B | -14.53 | -27.40% | ― | 5.13% | 17.00% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $8.64B | -7.88 | -37.57% | ― | ― | -83.87% |
* Healthcare Sector Average
PCVX
Vaxcyte
60.22
28.49
89.79%
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Vaxcyte Corporate Events
Executive/Board Changes
Vaxcyte Announces Board Transition and New Director Appointment
Neutral
Jun 23, 2026
On June 17, 2026, Vaxcyte, Inc. announced that board member Jacks Lee retired from its Board of Directors, with the company emphasizing that his departure did not stem from any dispute and confirming he will continue to support Vaxcyte as a consul...
Executive/Board ChangesShareholder Meetings
Vaxcyte Shareholders Reelect Directors, Approve Governance Measures
Positive
Jun 16, 2026
At its Annual Meeting of Stockholders held on June 15, 2026, Vaxcyte stockholders re-elected three Class III directors — Olivier Brandicourt, M.D., Halley Gilbert, J.D., and Grant Pickering, M.B.A. — to serve until the 2029 annual meet...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.