BofA analyst Jason Gerberry raised the firm’s price target on Vaxcyte to $92 from $80 and keeps a Buy rating on the shares. The firm’s raised target reflects a recent public offering and the firm’s revised nominal peak share partially reflects optionality tied to Phase 2 VAX-31, the analyst tells investors. Though VAX-24 already offers a best-in-category pneumococcal vaccine, BofA believes VAX-31 has “the potential to offer full coverage against all disease causing serotypes and position the company in a dominant position for the foreseeable future,” the analyst added.
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