Vaxcyte initiated with a Buy at Mizuho

Mizuho initiated coverage of Vaxcyte with a Buy rating and $69 price target. The firm views the company as a “relatively de-risked vaccines story” that can potentially disrupt a 20-plus year monopoly. Pneumococcal vaccines is an established $7B worldwide market today and current technologies are at or near the limit of number of pneumococcal bacteria variations they can cover, creating an opportunity for innovation to move the needle, the analyst tells investors in a research note. The firm believes Vaxcyte is “moving this needle.”