Vaxcyte price target raised to $113 from $69 at Mizuho

Mizuho raised the firm’s price target on Vaxcyte to $113 from $69 and keeps a Buy rating on the shares post the Q4 report. The analyst says the Vaxcyte story continues to largely hinge on the VAX-31 adult Phase 1/2 study readout in Q3.This is a potentially re-rating event, as positive data here would further increase confidence in the space that Vaxcyte has the broadest serotype vaccine and “best overall mouse-trap” in the $8B and growing pneumococcal disease vaccine market, the analyst tells investors in a research note.