👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Vaxcyte CEO Grant Pickering sells $1.39 million in stock

Published 2024-12-03, 07:18 p/m
PCVX
-

SAN CARLOS, Calif.—Grant Pickering, the Chief Executive Officer of Vaxcyte, Inc. (NASDAQ:PCVX), has sold a significant portion of his holdings in the company, according to a recent SEC filing. On December 2, Pickering sold a total of 14,000 shares of Vaxcyte's common stock, amounting to approximately $1.39 million. The shares were sold at prices ranging from $92.06 to $94.06 per share. The transaction comes as Vaxcyte, currently valued at $11.25 billion, has seen its stock surge 43.9% year-to-date. According to InvestingPro analysis, the stock appears overvalued at current levels.

Following these transactions, Pickering retains direct ownership of 450,301 shares. Additionally, he holds an indirect interest in 137,398 shares through a trust established for his children.

The sales were executed under a pre-arranged trading plan adopted on April 12, 2024, aligning with Rule 10b5-1 guidelines. This rule allows company insiders to sell a predetermined number of shares at a set time, helping to avoid any potential accusations of insider trading.

In other recent news, Vaxcyte has been making significant strides in its business and vaccine development programs. The company expanded its corporate headquarters in San Carlos, California, through an amended lease agreement, reflecting Vaxcyte's continued growth and commitment to its operations. Concurrently, Vaxcyte subleased a portion of its space to Iovance Biotherapeutics (NASDAQ:IOVA), Inc.

Vaxcyte's pneumococcal conjugate vaccine candidate, VAX-31, received clearance for the Investigational New Drug application from the U.S. Food and Drug Administration (FDA) and was granted Breakthrough Therapy designation for its use in adults. The company is planning to initiate a Phase 2 study for pediatric use by early 2025 and a Phase 3 study for adults by mid-2025.

In financial news, Vaxcyte recently completed a public offering, raising approximately $1.5 billion. The company reported operational expenses of $140 million and a cash balance of $3.3 billion as of September 30.

Several analysts have reacted positively to Vaxcyte's recent developments. Jefferies increased its price target for Vaxcyte to $146, Leerink Partners reiterated its Outperform rating with a $135.00 price target, BTIG maintained its Buy rating with a $160.00 price target, and Mizuho (NYSE:MFG) increased its price target to $163.

Finally, Vaxcyte has announced the appointment of John P. Furey to its Board of Directors. These are the recent developments for Vaxcyte.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.