Vaxcyte (NASDAQ:PCVX) Stock Price Up 7.8% - Here's What Happened

Shares of Vaxcyte, Inc. (NASDAQ:PCVX - Get Free Report) rose 7.8% on Wednesday . The company traded as high as $84.27 and last traded at $84.26. Approximately 377,857 shares changed hands during trading, a decline of 57% from the average daily volume of 883,805 shares. The stock had previously closed at $78.14.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PCVX. The Goldman Sachs Group initiated coverage on shares of Vaxcyte in a research report on Friday, December 20th. They issued a "buy" rating and a $135.00 price objective for the company. Needham & Company LLC reiterated a "buy" rating and issued a $140.00 price target on shares of Vaxcyte in a report on Wednesday, November 6th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Vaxcyte in a research note on Wednesday, November 6th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $145.71.

Vaxcyte Stock Performance

The firm has a market capitalization of $11.13 billion, a price-to-earnings ratio of -19.41 and a beta of 0.98. The stock's fifty day moving average is $89.10 and its two-hundred day moving average is $93.56.

Vaxcyte (NASDAQ:PCVX - Get Free Report) last announced its earnings results on Tuesday, November 5th. The company reported ($0.83) earnings per share for the quarter, beating the consensus estimate of ($1.10) by $0.27. During the same period last year, the company earned ($0.91) EPS. Sell-side analysts anticipate that Vaxcyte, Inc. will post -4.14 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Andrew Guggenhime sold 42,000 shares of the firm's stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $115.39, for a total transaction of $4,846,380.00. Following the completion of the sale, the chief financial officer now owns 90,383 shares of the company's stock, valued at approximately $10,429,294.37. This trade represents a 31.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jim Wassil sold 8,000 shares of Vaxcyte stock in a transaction on Friday, November 1st. The stock was sold at an average price of $106.80, for a total transaction of $854,400.00. Following the completion of the sale, the chief operating officer now owns 205,695 shares of the company's stock, valued at approximately $21,968,226. This trade represents a 3.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,732 shares of company stock worth $11,730,787 in the last three months. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Vaxcyte

Institutional investors have recently modified their holdings of the stock. Riverview Trust Co bought a new stake in Vaxcyte in the third quarter valued at about $27,000. Blue Trust Inc. grew its position in shares of Vaxcyte by 33.5% in the 3rd quarter. Blue Trust Inc. now owns 371 shares of the company's stock worth $42,000 after acquiring an additional 93 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in shares of Vaxcyte by 1,007.9% in the 3rd quarter. Meeder Asset Management Inc. now owns 698 shares of the company's stock valued at $80,000 after acquiring an additional 635 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Vaxcyte during the 3rd quarter valued at approximately $92,000. Finally, Quest Partners LLC bought a new position in Vaxcyte during the second quarter worth $70,000. Institutional investors and hedge funds own 96.78% of the company's stock.

Vaxcyte Company Profile

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.