Vaxcyte (PCVX) PT Raised to $77 at Leerink Partners

Leerink Partners analyst David Risinger raised the price target on Vaxcyte (NASDAQ: PCVX) to $77.00 (from $60.00) while maintaining a Outperform rating.

The analyst comments "We are raising our DCF-derived PT from $60 to $77, driven by higher VAX-31 (pneumococcal conjugate vaccine) sales forecasts. We hosted PCVX for a non-deal roadshow in Boston on November 12, 2025, and we were encouraged by mgmt’s conviction in the optimized VAX-31 dose that was added to the Ph2 infant trial. In addition, we note that both GSK (not rated) and PFE (MP) recently disclosed issues with their next-gen PCV programs, which gives us greater confidence in VAX-31’s relative advantages. We raised our VAX-31 infant PoS-adjusted 2040E sales from $1.5B to $2.5B, which drove our total VAX-31 (infant + adult) PoS-adjusted 2040E sales from $3.8B to $4.8B. Given that PFE’s Prevnar 20V+13V franchise has an annual run rate of >$6B and the global PCV market appears set for strong growth over the next decade, we see the potential for substantial upside to our VAX-31 sales forecast of $4.8B. We look forward to initial VAX-31 adult Ph3 results in 2026 and VAX-31 infant Ph2 results in 2027. The company maintains cash runway through mid-2028. Reiterate OP on PCVX shares."

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