Why Is Vaxcyte (PCVX) Stock Up 70% Today?
Vaxcyte (NASDAQ:PCVX) stock is rocketing higher on Monday after the vaccine company revealed positive data from a Phase 1/2 clinical trial.
This part of the study handled the safety, tolerability and immunogenicity of VAX-24, the 24-valent pneumococcal conjugate vaccine it is developing. The results showed it to have similar safety results to Prevnar 20.
The results also saw the company’s vaccine candidate meet regulatory immunogenicity standards. That includes all 24 serotypes when patients were given the standard 2.2 mcg dose. These positive results have the company planning for a Phase 3 clinical trial of the drug.
PCVX Plans for More Tests
Grant Pickering, CEO of Vaxcyte, said the following in an earnings report.
“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.”
With these positive results, Vaxcyte is already planning how to move forward. That includes various studies that will produce data over the next two to three years.
Shares of PCVX stock are also seeing heavy trading following this latest news. That has some 8 million units on the move as of this writing. For the record, its daily average trading volume is about 470,000 shares.
PCVX stock is up 69.7% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.