Vaxcyte (PCVX) PT Raised to $125 at Guggenheim

Guggenheim analyst Seamus Fernandez raised the price target on Vaxcyte (NASDAQ: PCVX) to $125.00 (from $116.00) while maintaining a Buy rating.

The analyst commented: "The adult VAX-31 OPUS-1 Phase 3 was a major win not only vs. investor expectations and delivering our Best Case scenario, but also setting up VAX-31 for clear commercial leadership. Critically, the primary endpoint of non-inferiority (NI) vs. either Prevnar 20 or Capvaxive was achieved against ALL serotypes at the 0.667 LBCI threshold. Relative to the individual comparators, NI vs. PFE's Prevnar 20 was ZERO (20 of 20) and against MRK’s Capvaxive was TWO (17 of 19), but VAX-31 achieved NI against these two serotypes (3 and 12F) when compared to Prevnar 20. It's also noteworthy that VAX-31 beat the NI LBCI threshold of 0.50 (a predefined secondary endpoint and the old FDA bar for MRK's Capvaxive) against ALL serotypes vs. both vaccines. This cleanly beat investor expectations and, in our and our ACIP KOL's view, sets VAX-31 up for a clean FDA approval and adult PCV commercial leadership for many years to come. Consistent with results meeting our bull/best case scenario, we are increasing our VAX-31 adult POS to 95% (from 85%), and our PT moves to $125 (from $116). Reiterate BUY and Top Pick."

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