Vaxcyte slips on stock offering launch

Vaxcyte

18/04/2023 14:10

** Vaxcyte Inc's  PCVX.O  shares down 4.3% at $40.50 before
the bell as vaccine maker looks to raise equity
    ** Co late Mon commenced stock and pre-funded warrants
offering
    ** PCVX shares finished up 16% on Mon after co reported
positive data for its pneumonia vaccine in mid-stage study, as
it showed noninferiority vs Pfizer Inc's  PFE.N  FDA-approved
Prevnar 20 vaccine
    ** Sources say jt bookrunners BofA, Jefferies, SVB Secs,
Evercore and Guggenheim marketing approx $400 mln offering,
slated to price Tues after market close
    ** Co has ~80 mln shares outstanding for ~$3.4 bln market
cap
    ** PCVX shares off ~12% YTD through Mon close, but up ~64%
over the past 6 months
    ** All 8 analysts covering PCVX are bullish with avg "strong
buy" rating; median PT is $68 - Refinitiv

 (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))