Vaxcyte dips after pricing $500 mln stock offering

Vaxcyte

19/04/2023 12:24

** Vaxcyte Inc's  PCVX.O  shares down 1.8% at $43.30
premarket after follow-on prices
    ** Vaccine maker announces 12.2 mln shares, including 1 mln
pre-funded warrants, at $41, 7% discount to last sale
    ** PCVX rose 4% on Tues after co launched equity offering
looking to raise ~$400 mln
    ** Stock gained 16% on Mon after co reported positive data
for its pneumonia vaccine in mid-stage study, showing
noninferiority vs Pfizer Inc's  PFE.N  FDA-approved Prevnar
vaccine
    ** Co has ~80 mln shares outstanding for ~$3.5 bln market
cap, per Refinitiv
    ** Through Tues, stock down 8% YTD but has surged 77% over
the past six months
    ** Wall Street overwhelmingly bullish with avg rating of
"strong buy" among 8 analysts, per Refinitiv; median PT of $68
implies 54% upside to stock's last close
    ** BofA, Jefferies, SVB Secs, Evercore and Guggenheim acting
as jt bookrunners for equity offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))