Vaxcyte’s shares surged by up to 48% to reach a record high on Tuesday after the company
announced that its experimental pneumococcal vaccine delivered promising results in an
early-stage trial. The vaccine, VAX-31, demonstrated a safety profile comparable to Pfizer’s
Prevnar 20 while showing strong immune responses for 20 serotypes of pneumococcal
bacteria.
Pneumococcal disease is a serious infection caused by Streptococcus pneumoniae,
spreading through contact with respiratory secretions. Vaxcyte’s stock hit $119.27, the
highest since its Nasdaq debut in 2020, closing the day with a 36.4% gain. This surge added
over $4 billion to the company’s market value.
Vaxcyte also announced a $1 billion public offering of its common stock and pre-funded
warrants. The company, which does not yet have any approved products, conducted the trial
in 1,015 healthy adults aged 50 and above to prevent invasive pneumococcal disease. Analyst
Roger Song of Jefferies called the results “impressive,” noting that VAX-31 could dominate a
growing $10 billion pneumococcal vaccine market if successful.
All doses of VAX-31 showed a robust immune response for all 31 serotypes and maintained a
favorable safety profile over a six-month period. Based on these results, Vaxcyte plans to
move the vaccine into a late-stage trial, with data expected by 2026. Meanwhile, Pfizer’s
shares fell by 2.45% to $28.31.
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