Zacks Investment Research Lowers Vaxcyte (NASDAQ:PCVX) to Hold

Vaxcyte (NASDAQ:PCVX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “Vaxcyte Inc.is a biopharmaceutical company develops vaccines for infectious diseases. It offers conjugate, pneumococcal conjugate and complex antigen-based vaccines. Vaxcyte Inc.is based in Foster City, California. “

Shares of Vaxcyte stock opened at $25.92 on Wednesday. The company’s fifty day simple moving average is $23.99 and its two-hundred day simple moving average is $22.40. The company has a market cap of $1.35 billion, a P/E ratio of -15.34 and a beta of 0.49. Vaxcyte has a 12-month low of $15.51 and a 12-month high of $58.47.

Vaxcyte (NASDAQ:PCVX) last released its earnings results on Wednesday, August 11th. The company reported ($0.46) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.52) by $0.06. As a group, sell-side analysts expect that Vaxcyte will post -2.1 EPS for the current fiscal year.

In related news, CEO Grant Pickering sold 15,000 shares of the stock in a transaction dated Tuesday, July 20th. The shares were sold at an average price of $22.85, for a total transaction of $342,750.00. Following the sale, the chief executive officer now directly owns 595,254 shares of the company’s stock, valued at approximately $13,601,553.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jeff Fairman sold 4,750 shares of the stock in a transaction dated Thursday, August 26th. The shares were sold at an average price of $25.38, for a total transaction of $120,555.00. Following the sale, the vice president now directly owns 9,894 shares in the company, valued at $251,109.72. The disclosure for this sale can be found here. Insiders sold a total of 70,345 shares of company stock worth $1,666,120 over the last ninety days. Insiders own 21.70% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of PCVX. Macquarie Group Ltd. bought a new position in Vaxcyte during the 2nd quarter valued at about $45,000. Royal Bank of Canada lifted its stake in Vaxcyte by 434.1% during the 1st quarter. Royal Bank of Canada now owns 2,804 shares of the company’s stock valued at $56,000 after acquiring an additional 2,279 shares during the period. Ameritas Investment Partners Inc. lifted its stake in Vaxcyte by 32.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,117 shares of the company’s stock valued at $70,000 after acquiring an additional 761 shares during the period. E Fund Management Co. Ltd. bought a new position in Vaxcyte during the 1st quarter valued at about $75,000. Finally, Legal & General Group Plc lifted its stake in Vaxcyte by 13.4% during the 2nd quarter. Legal & General Group Plc now owns 4,132 shares of the company’s stock valued at $93,000 after acquiring an additional 489 shares during the period. Institutional investors and hedge funds own 82.86% of the company’s stock.

Vaxcyte Company Profile

Vaxcyte, Inc, a preclinical-stage biotechnology vaccine company, develops novel vaccines to prevent or treat infectious diseases worldwide. Its lead vaccine candidate is VAX-24, a 24-valent investigational pneumococcal conjugate vaccine. The company also develops VAX-XP to protect against emerging strains and address antibiotic resistance; VAX-A1, a conjugate vaccine candidate designed to treat Group A Strep; and VAX-PG, a novel protein vaccine candidate targeting Porphyromonas gingivalis.

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