Andrew Guggenhime, President and CFO of Vaxcyte, Inc. (NASDAQ:PCVX), a $10.8 billion market cap biopharmaceutical company, recently executed a series of stock transactions that included both acquisitions and sales. According to a filing with the Securities and Exchange Commission, Guggenhime acquired 8,000 shares of common stock at a price of $5.35 per share, totaling $42,800. InvestingPro data shows the company maintains a strong financial position with more cash than debt on its balance sheet.
In a series of sales, Guggenhime sold a total of 8,000 shares at prices ranging from $87.256 to $90.241, leading to a total sale value of $710,248. These sales were conducted under a pre-established Rule 10b5-1 trading plan, which was adopted on May 17, 2024. Following these transactions, Guggenhime holds 109,491 shares directly. Notably, analysts maintain a bullish outlook on PCVX, with price targets ranging from $135 to $163 per share. Get more detailed insights and exclusive financial metrics with InvestingPro, which offers 7 additional key tips about Vaxcyte's financial health and market position.
In other recent news, Vaxcyte, a biotechnology company, has made significant strides in its vaccine development program. The U.S. Food and Drug Administration (FDA) has cleared the Investigational New Drug application for VAX-31, Vaxcyte's pneumococcal conjugate vaccine candidate, in infants and granted Breakthrough Therapy designation for its use in adults. The company plans to initiate a Phase 2 study for pediatric use by early 2025 and a Phase 3 study for adults by mid-2025.
Additionally, Vaxcyte has entered into a lease agreement to expand its corporate headquarters in San Carlos, California, and subleased a portion of its space to Iovance Biotherapeutics (NASDAQ:IOVA), Inc. The company also raised approximately $1.5 billion in a public offering managed by financial institutions including BofA Securities, Jefferies, and Goldman Sachs (NYSE:GS) & Co. LLC.
Analysts from Jefferies, Leerink Partners, BTIG, and Mizuho (NYSE:MFG) have responded positively to these developments, increasing their price targets and reiterating their positive ratings for Vaxcyte. Finally, Vaxcyte announced the appointment of John P. Furey to its Board of Directors. These are some of 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.