Vaxcyte falls as pneumococcal vaccine data fails to meet lofty investor expectations

Shares of vaccine developer Vaxcyte PCVX.O down 51% at $34.04, lowest since October 2022

Company says its experimental pneumococcal vaccine for infants, VAX-24, achieved "non-inferiority" in a mid-stage study compared to rival Pfizer's PFE.N Prevnar 20 shot

Pneumococcal disease spreads through direct contact with respiratory secretions such as saliva or mucus and can cause fever, cough and chest pain

Brokerage Guggenheim says the mid-stage data was consistent with co's expectations, but didn't meet high investor expectations, adding that the vaccine's immune response seems to be lower in children compared to adults

Brokerage Jefferies says the stock pullback is mostly driven by the political headwind and anticipation of the data

Jefferies also points to the "continued unfavorable market environment, particularly recent resignation of FDA CBER director who oversees vaccine"

Shares of vaccine makers and other biotech companies have been falling as Wall Street Journal and other media outlets reported on Friday that Peter Marks, a top vaccine official at the U.S. FDA, has been pushed out of the agency

Stock had fallen 62.4% YTD