Vaxcyte price target raised to $70 from $55 at Cantor Fitzgerald

Cantor Fitzgerald analyst Louise Chen raised the firm’s price target on Vaxcyte to $70 from $55 and keeps an Overweight rating on the shares. The analyst has greater confidence in the company’s pipeline prospects following the "very" strong quarter, Chen tells investors in a research note. She continues to expect the stock price to move higher ahead of potential positive data from clinical trials for VAX-24 and the expansion of Vaxcyte’s platform into other indications.