Andrew Guggenhime, President and CFO of Vaxcyte, Inc. (NASDAQ:PCVX), recently sold shares of the company's common stock valued at approximately $692,100. The transactions took place on January 21, 2025, with shares sold at prices ranging from $86.084 to $87.7. Following the sale, Guggenhime's direct ownership stands at 109,491 shares in the $10.8 billion biotech company. According to InvestingPro data, analysts maintain a Strong Buy consensus with price targets ranging from $135 to $163.
In addition to the sales, Guggenhime exercised stock options, acquiring 8,000 shares at a price of $5.35 each, amounting to a total of $42,800. These transactions were part of a pre-established Rule 10b5-1 trading plan. InvestingPro analysis shows the company has demonstrated strong returns over the last five years, with additional insights available to subscribers.
In other recent news, Vaxcyte has seen significant advancements in its operations and research. The company's lead vaccine candidate, VAX-31, has received positive clinical data feedback, leading to Goldman Sachs initiating coverage with a Buy rating and a price target set at $135.00. The company's proprietary technology platform has produced increasingly validating data for its pneumococcal conjugate vaccine (PCV) franchise over the past three years.
Recently, Vaxcyte expanded its corporate headquarters in San Carlos, California, and subleased a portion of its space to Iovance Biotherapeutics (NASDAQ:IOVA), Inc. The U.S. Food and Drug Administration has cleared VAX-31 for use in infants and adults, with plans to initiate Phase 2 and Phase 3 studies by early and mid-2025 respectively.
The company has successfully completed a public offering, raising approximately $1.5 billion, managed by financial institutions such as BofA Securities, Jefferies, and Goldman Sachs & Co. LLC. Vaxcyte has reported operational expenses of $140 million and a cash balance of $3.3 billion as of September 30. Lastly, Vaxcyte announced the appointment of John P. Furey to its Board of Directors.
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