Vaxcyte Stock Surges On Positive VAX-24 Phase 1/2 Trial Data

Key points:
Vaxcyte announced VAX-24 met primary safety and tolerability objectives
VAX-24 demonstrated a safety profile similar to Pfizer’s Prevnar 20
Vaxcyte shares surged 57% premarket

Shares of California-based Vaxcyte, Inc (NASDAQ: PCVX) surged over 57% Monday morning after the company said its investigational 24-valent pneumococcal conjugate vaccine (PCV), VAX-24 met the primary safety and tolerability objectives.

The biotechnology company said VAX-24 demonstrated a safety profile similar to Pfizer’s Prevnar 20 for all doses studied.

The Phase 1/2 clinical proof-of-concept study evaluated the safety, tolerability, and immunogenicity of VAX-24, with all 24 Serotypes of VAX-24 at the conventional 2.2mcg PCV dose meeting or exceeding regulatory immunogenicity standards.

X testing X

WELCOME BONUS - Free Share Bundle When You Invest £50! Get up to £500 cashback for investing with IG.

Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.

5.0

Open Account Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Also Read: Five Best Pharmaceutical Stocks To Watch In 2022

“At this dose, VAX-24 met the standard opsonophagocytic activity (OPA) response non-inferiority criteria for all 20 serotypes common with PCV20, of which 16 achieved higher immune responses,” the company added.

Vaxcyte said it now intends to progress VAX-24 into a Phase 3 program.

Vaxcyte shares are currently trading at $32.35 following the over 57% jump. On Friday, the stock fell over 7%, closing the session at $20.58, putting it down over 13% in 2022.

“We are thrilled with these positive topline results from our Phase 1/2 proof-of-concept study, which met all of our objectives. The findings indicate a potential best-in-class profile for VAX-24 and validate our carrier-sparing approach to enable the development of broader-spectrum PCVs,” said Grant Pickering, Chief Executive Officer and Co-Founder of Vaxcyte.

“The study results demonstrate that VAX-24 has the potential to provide broader coverage and better immune responses relative to the standard-of-care. We believe this presents an opportunity to set a new bar for immunogenicity standards for pneumococcal vaccines.”