Vaxcyte (NASDAQ:PCVX) Posts Quarterly Earnings Results, Misses Expectations By $0.29 EPS

Vaxcyte (NASDAQ:PCVX) issued its earnings results on Tuesday. The company reported ($1.56) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.29), Zacks reports. During the same period last year, the business earned ($0.83) earnings per share.

Vaxcyte Price Performance

Shares of PCVX stock traded up $1.54 during midday trading on Thursday, hitting $41.86. The company had a trading volume of 629,724 shares, compared to its average volume of 1,769,865. The company’s 50 day simple moving average is $37.66 and its 200 day simple moving average is $34.87. Vaxcyte has a 52-week low of $27.66 and a 52-week high of $107.31. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of -8.66 and a beta of 1.07.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PCVX shares. Cowen reissued a “buy” rating on shares of Vaxcyte in a research report on Thursday, August 7th. The Goldman Sachs Group started coverage on Vaxcyte in a research note on Friday, September 12th. They set a “neutral” rating and a $38.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Vaxcyte in a research note on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $106.25.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PCVX. Qube Research & Technologies Ltd purchased a new position in shares of Vaxcyte in the 2nd quarter valued at approximately $26,318,000. State Street Corp grew its stake in shares of Vaxcyte by 12.1% in the 2nd quarter. State Street Corp now owns 4,942,235 shares of the company’s stock valued at $160,672,000 after purchasing an additional 534,552 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Vaxcyte by 36.9% in the 2nd quarter. Bank of America Corp DE now owns 1,082,671 shares of the company’s stock valued at $35,198,000 after purchasing an additional 291,859 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Vaxcyte by 175.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 139,124 shares of the company’s stock valued at $4,523,000 after purchasing an additional 88,692 shares during the last quarter. Finally, Engineers Gate Manager LP grew its stake in shares of Vaxcyte by 66.3% in the 2nd quarter. Engineers Gate Manager LP now owns 160,808 shares of the company’s stock valued at $5,228,000 after purchasing an additional 64,111 shares during the last quarter. 96.78% of the stock is currently owned by hedge funds and other institutional investors.

Vaxcyte Company Profile

Vaxcyte, Inc, a clinical-stage biotechnology vaccine company, develops novel protein vaccines to prevent or treat bacterial infectious diseases. Its lead vaccine candidate is VAX-24, a 24-valent investigational pneumococcal conjugate vaccine for the prevention of invasive pneumococcal disease. The company also develops VAX-31 to protect against emerging strains and to help address antibiotic resistance; VAX-A1, a novel conjugate vaccine candidate to prevent disease caused by Group A Streptococcus; VAX-PG, a novel protein vaccine candidate targeting keystone pathogen responsible for periodontitis; and VAX-GI to prevent Shigella, a bacterial illness.