Leerink Partners analyst David Risinger has reiterated their bullish stance on PCVX stock, giving a Buy rating yesterday.
David Risinger has given his Buy rating due to a combination of factors including Vaxcyte’s operational expenditure in the first quarter of 2024 coming in significantly under projections, and the ongoing progress in their vaccine development. The reported operational expenses were lower than expected, primarily due to reduced research and development costs, which suggests efficient capital management by the company. Risinger expects this financial discipline to continue, as full-year spending forecasts remain unchanged, indicating a stable financial outlook for Vaxcyte.
In addition to financials, the anticipation of promising upcoming clinical data is a major reason behind the positive rating. Risinger expresses confidence in the potential of VAX-31, noting the success of VAX-24 thus far. With critical topline data from the Phase 1/2 adult trial expected in the third quarter of 2024, and subsequent data from the Phase 2 infant trial to follow, there are multiple catalysts on the horizon that could positively impact the stock’s performance. This optimism is also reflected in the reiteration of an Outperform rating and a price target that suggests significant growth potential for Vaxcyte’s shares.
Risinger covers the Healthcare sector, focusing on stocks such as Eli Lilly & Co, AbbVie, and Centessa Pharmaceuticals. According to TipRanks, Risinger has an average return of 11.8% and a 58.19% success rate on recommended stocks.
In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $95.00 price target.
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Vaxcyte (PCVX) Company Description:
Vaxcyte Inc is a vaccine company seeking to improve global health by developing novel vaccines to treat patients suffering from most common and deadly diseases.
