BofA analyst Jason Gerberry raised the firm’s price target on Vaxcyte to $140 from $101 and keeps a Buy rating on the shares after the company announced positive Phase 1/2 results for VAX-31, a pneumococcal vaccine tested in adults. With yesterday’s data de-risking the broader VAX-31 program where adult data translates to infants, the firm raised its view of program odds of success to 70% from a prior 60% estimate.
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