Needham & Company LLC Issues Pessimistic Forecast for Vaxcyte (NASDAQ:PCVX) Stock Price

Vaxcyte (NASDAQ:PCVX - Free Report) had its price objective reduced by Needham & Company LLC from $140.00 to $90.00 in a report issued on Tuesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other brokerages also recently issued reports on PCVX. The Goldman Sachs Group began coverage on Vaxcyte in a report on Friday, December 20th. They set a "buy" rating and a $135.00 price target for the company. Guggenheim restated a "buy" rating and issued a $160.00 price objective on shares of Vaxcyte in a research note on Wednesday, March 12th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Vaxcyte currently has an average rating of "Buy" and an average price target of $136.50.

Vaxcyte Stock Up 3.4 %

PCVX traded up $1.04 during trading on Tuesday, hitting $31.60. 5,690,652 shares of the company's stock were exchanged, compared to its average volume of 1,117,422. The stock has a market cap of $4.07 billion, a P/E ratio of -6.87 and a beta of 1.26. The business's 50 day moving average is $74.59 and its two-hundred day moving average is $89.85. Vaxcyte has a fifty-two week low of $29.57 and a fifty-two week high of $121.06.

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Vaxcyte (NASDAQ:PCVX - Get Free Report) last posted its earnings results on Tuesday, February 25th. The company reported ($1.02) earnings per share for the quarter, topping analysts' consensus estimates of ($1.16) by $0.14. On average, sell-side analysts forecast that Vaxcyte will post -4.21 earnings per share for the current year.

Insider Transactions at Vaxcyte

In other news, CFO Andrew Guggenhime sold 8,000 shares of the firm's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $86.51, for a total value of $692,080.00. Following the completion of the transaction, the chief financial officer now directly owns 109,491 shares of the company's stock, valued at $9,472,066.41. This trade represents a 6.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Teri Loxam sold 6,250 shares of the business's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $85.11, for a total value of $531,937.50. Following the sale, the director now owns 7,175 shares in the company, valued at approximately $610,664.25. The trade was a 46.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,250 shares of company stock worth $3,170,738 over the last quarter. Corporate insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On Vaxcyte

A number of large investors have recently modified their holdings of the company. Bank of Montreal Can purchased a new stake in Vaxcyte in the 3rd quarter worth approximately $3,104,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Vaxcyte by 4.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,311 shares of the company's stock worth $2,435,000 after buying an additional 826 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Vaxcyte by 38.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 408,274 shares of the company's stock worth $46,653,000 after buying an additional 112,512 shares in the last quarter. Verition Fund Management LLC bought a new stake in Vaxcyte during the third quarter valued at $489,000. Finally, Bamco Inc. NY purchased a new position in Vaxcyte during the third quarter worth about $3,542,000. 96.78% of the stock is currently owned by institutional investors.

About Vaxcyte

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 for the prevention of invasive pneumococcal disease. The company also develops VAX-31 to protect against emerging strains and to help address antibiotic resistance; VAX-A1, a novel conjugate vaccine candidate to prevent disease caused by Group A Streptococcus; VAX-PG, a novel protein vaccine candidate targeting keystone pathogen responsible for periodontitis; and VAX-GI to prevent Shigella, a bacterial illness.