BTIG analyst Thomas Shrader raised the firm’s price target on Vaxcyte to $98 from $76 and keeps a Buy rating on the shares. The readout for VAX-31 is very likely good enough to take over as the lead program given slightly more carrier protein was already tested in the mixed dose cohort of VAX-24, and the risk of carrier exhaustion is low, the analyst tells investors in a research note. The firm maintains its view that VAX-31 will emerge as the best pneumococcal conjugate vaccine, or PCV.
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