Vaxcyte down after Leerink's PT cut
Shares of vaccine developer Vaxcyte Inc PCVX.O fall 3% to $36.69
Brokerage Leerink cuts PCVX's PT to $65 from $153
PCVX said on Monday 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
Although we believe that VAX-24 is a safe and approvable vaccine, we now have less confidence that both VAX-24 & VAX-31 will deliver highly compelling efficacy in future infant datasets - brokerage
Leerink notes that the infant results do not affect its high expectations for VAX-31 in adults
PCVX shares have faced significant pressure due to investor concerns about U.S. health secretary Robert F. Kennedy Jr.'s stance on vaccines, Leerink says
Up to last close, PCVX was down ~54% YTD
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