Vaxcyte, Inc. (PCVX)
NASDAQ:PCVX
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Vaxcyte
(NASDAQ:PCVX)
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Rating:48Neutral
Price Target:
$48.00
▼(-23.02% Downside)
Action:Reiterated
Date:06/05/26
The score is held back primarily by the lack of revenue alongside accelerating losses and heavy cash burn, which outweigh the benefit of a relatively strong, low-leverage balance sheet. Technical indicators also point to weak momentum, while valuation support is limited due to negative earnings and no dividend yield.
Positive Factors
Balance sheet strength
Low leverage and roughly $3.0B of equity provide durable financial flexibility to fund late-stage trials, manufacturing scale-up and commercial prep without immediate revenue. This supports multi-year development plans and reduces near-term solvency risk versus peers.
Negative Factors
No product revenue; widening losses
Persistent zero revenue with rapidly expanding net losses means the company must rely on external financing for operations and growth. Over months this increases dilution risk, lengthens payback timelines and places a structural dependency on successful clinical outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Low leverage and roughly $3.0B of equity provide durable financial flexibility to fund late-stage trials, manufacturing scale-up and commercial prep without immediate revenue. This supports multi-year development plans and reduces near-term solvency risk versus peers.
Read all positive factors
Vaxcyte (PCVX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.84B
Dividend YieldN/A
Average Volume (3M)1.58M
Price to Earnings (P/E)―
Beta (1Y)1.54
Revenue GrowthN/A
EPS Growth-71.33%
CountryUS
Employees414
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-6.89
Shares Outstanding144,397,670
10 Day Avg. Volume1,357,051
30 Day Avg. Volume1,578,779
Financial Highlights & Ratios
PEG Ratio-0.17
Price to Book (P/B)2.34
Price to Sales (P/S)0.00
P/FCF Ratio-9.38
Enterprise Value/Market Cap1.06
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-1.24K
Enterprise Value/Ebitda-7.69
Forecast
1Y Price Target
$116.00Price Target Upside86.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-8.14
Revenue Forecast (FY)N/A
Vaxcyte Business Overview & Revenue Model
Company Description
Vaxcyte, Inc., a clinical-stage biotechnology vaccine company, develops novel protein vaccines to prevent or treat bacterial infectious diseases. Its lead vaccine candidate is VAX-24, a 24-valent investigational pneumococcal conjugate vaccine that...
How the Company Makes Money
Vaxcyte is a clinical-stage company and, based on publicly available information, does not have approved products for commercial sale; as a result, it generally does not generate recurring product revenue from vaccine sales. Instead, its funding t...
Vaxcyte Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and clinical momentum story: robust balance sheet extended by a ~$600M financing, completion of a commercial-scale manufacturing facility on time and on budget, initiation of three pivotal/Phase III adult OPUS trials with expected top-line readouts over the next 18 months, completed infant enrollment (900 infants), and resumption of the Group A Strep program. Offsetting risks are mostly predictable near-term impacts from materially higher R&D and manufacturing expenses in 2026, serotype-level regulatory uncertainties (and the idiosyncratic challenge of serotype 3), and a competitive landscape with other PCV developers. Overall, the highlights—particularly cash runway, manufacturing completion, and late-stage clinical progress—materially outweigh the lowlights, which are manageable programmatic and financial execution risks.Positive Updates
Strong Financial Position and Recent Financing
Cash, cash equivalents and investments of $2.4 billion as of Dec 31, 2025, plus a subsequent public equity offering raising approximately $600.2 million in net proceeds; company states cash runway to at least the end of 2028.
Negative Updates
Projected Meaningful Increase in R&D and Total Expenses for 2026
Company expects total expenses, particularly R&D, to increase meaningfully in 2026 relative to full year 2025 and Q4 2025 annualized levels due to manufacturing scale-up, buildup of commercial supply and larger/more clinical trials; no specific percentage guidance provided.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Financial Position and Recent Financing
Cash, cash equivalents and investments of $2.4 billion as of Dec 31, 2025, plus a subsequent public equity offering raising approximately $600.2 million in net proceeds; company states cash runway to at least the end of 2028.
Read all positive updates
Company Guidance
The company guided to a busy, capital-intensive 2026–2027 cadence: as of 12/31/2025 Vaxcyte had $2.4 billion in cash, then raised ~ $600.2 million net proceeds and said this funding provides runway to at least the end of 2028; it expects total expenses—particularly R&D—to increase meaningfully in 2026 while capitalized costs trend down. Key clinical and timing metrics: the OPUS Phase III program will enroll ~6,000 adults (≈3,400 receiving VAX‑31) with OPUS‑1 top‑line safety/tolerability/immunogenicity data expected in Q4 2026 and OPUS‑2 and OPUS‑3 readouts in H1 2027; the VAX‑31 infant Phase II optimized cohort enrollment is complete (900 infants dosed) with primary 3‑dose and booster data due by end H1 2027; VAX‑A1 Phase I in adults is planned to start in 2026. Product and regulatory metrics highlighted include a 31‑valent design with 10–11 incremental serotypes versus comparators, analytical plans that allow noninferiority against one comparator for the 10 shared serotypes, roughly 10 serotypes comparing head‑to‑head with Prevnar‑20 and 8 exclusive serotypes versus Capvaxive, and the expectation to meet conventional safety exposure norms (>3,000 subjects); manufacturing progress includes a dedicated large‑scale facility completed on time/on budget, a North Carolina fill‑finish build‑out as part of up to $1 billion U.S. manufacturing investment, and ongoing plans for a manufacturing consistency study.Vaxcyte Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -5.85M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -945.92M | -741.77M | -448.08M | -392.10M | -214.03M | -96.61M |
| Net Income | -946.53M | -766.63M | -463.93M | -402.27M | -223.49M | -100.08M |
Balance Sheet | ||||||
| Total Assets | 3.35B | 3.05B | 3.51B | 1.41B | 1.01B | 324.34M |
| Cash, Cash Equivalents and Short-Term Investments | 1.74B | 1.56B | 1.75B | 1.08B | 931.38M | 245.97M |
| Total Debt | 116.30M | 228.84M | 71.11M | 29.22M | 17.94M | 16.78M |
| Total Liabilities | 352.29M | 360.45M | 205.50M | 167.45M | 52.56M | 40.32M |
| Stockholders Equity | 3.00B | 2.69B | 3.31B | 1.24B | 953.61M | 284.02M |
Cash Flow | ||||||
| Free Cash Flow | -771.68M | -669.29M | -475.05M | -364.67M | -176.44M | -127.95M |
| Operating Cash Flow | -769.93M | -655.58M | -452.63M | -296.79M | -170.60M | -121.39M |
| Investing Cash Flow | 80.63M | 437.35M | -2.01B | -773.31M | 74.58M | -212.31M |
| Financing Cash Flow | 602.84M | 2.01M | 2.45B | 639.81M | 861.55M | 17.80M |
Vaxcyte Technical Analysis
Negative
62.35
Price Trends
55.40
Negative
55.40
Negative
48.28
Negative
Market Momentum
-2.15
Negative
37.33
Neutral
22.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PCVX, the sentiment is Negative. The current price of 62.35 is above the 20-day moving average (MA) of 50.16, above the 50-day MA of 55.40, and above the 200-day MA of 48.28, indicating a bearish trend. The MACD of -2.15 indicates Negative momentum. The RSI at 37.33 is Neutral, neither overbought nor oversold. The STOCH value of 22.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PCVX.
Vaxcyte Risk Analysis
Vaxcyte disclosed 71 risk factors in its most recent earnings report. Vaxcyte reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vaxcyte Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $8.87B | 39.18 | 19.25% | ― | 25.15% | 79.56% | |
56 Neutral | $5.89B | -31.36 | 99.84% | ― | -53.34% | -130.87% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $6.84B | ― | -32.51% | ― | ― | -71.33% | |
44 Neutral | $1.82B | -10.01 | -24.29% | ― | 8.57% | 35.12% |
* Healthcare Sector Average
PCVX
Vaxcyte
47.36
10.16
27.31%
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70.97
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KRYS
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.