Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23%

Low stock price volatility
Vol 12M is 46%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Vaccine Development, Show more.

Weak multi-year price returns
2Y Excs Rtn is -69%, 3Y Excs Rtn is -75%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.1 Bil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17%

Key risks
PCVX key risks include [1] its total dependence on the successful clinical development and regulatory approval of its lead vaccine candidates, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23%
1 Low stock price volatility
Vol 12M is 46%
2 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Vaccine Development, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -69%, 3Y Excs Rtn is -75%
4 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
5 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
6 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.1 Bil
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17%
8 Key risks
PCVX key risks include [1] its total dependence on the successful clinical development and regulatory approval of its lead vaccine candidates, Show more.

PCVX in ETFs

Weight = PCVX's share of each fund

VTI0.01%
ITOT0.01%
IWM0.18%
VB0.11%
XBI0.96%
IBB0.61%
NUSC0.59%
IWN0.36%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/15/2026

Vaxcyte (PCVX) stock has lost about 15% since 2/28/2026 because of the following key factors:

1. Increased cash burn and wider net loss in fiscal Q1 2026. Vaxcyte, a pre-revenue company, reported a net loss of $320.6 million for fiscal Q1 2026, significantly wider than the $140.7 million loss in fiscal Q1 2025. This was primarily driven by a substantial increase in Research & Development (R&D) expenses, which rose to $312.8 million in fiscal Q1 2026 from $148.1 million in the prior year, reflecting increased development and manufacturing costs for its pneumococcal conjugate vaccine (PCV) programs. Investors have been weighing the company's "near-term cash burn" as it advances late-stage development and manufacturing readiness.

2. Anticipation for key Phase 3 clinical trial readouts for VAX-31. While Vaxcyte completed enrollment for its VAX-31 OPUS-1 and OPUS-2 adult Phase 3 trials in March 2026, and OPUS-3 enrollment by May 2026, the topline data for the pivotal OPUS-1 trial is not expected until fiscal Q4 2026. Results from the OPUS-2 and OPUS-3 trials are anticipated even later, in the first half of fiscal 2027. This extended waiting period for critical efficacy and safety data for the company's lead candidate can contribute to investor impatience and stock volatility for a clinical-stage biotechnology company, especially given its high cash burn.

Show more
Updated on 6/15/2026

Vaxcyte (PCVX) stock has lost about 15% since 2/28/2026 because of the following key factors:

1. Increased cash burn and wider net loss in fiscal Q1 2026. Vaxcyte, a pre-revenue company, reported a net loss of $320.6 million for fiscal Q1 2026, significantly wider than the $140.7 million loss in fiscal Q1 2025. This was primarily driven by a substantial increase in Research & Development (R&D) expenses, which rose to $312.8 million in fiscal Q1 2026 from $148.1 million in the prior year, reflecting increased development and manufacturing costs for its pneumococcal conjugate vaccine (PCV) programs. Investors have been weighing the company's "near-term cash burn" as it advances late-stage development and manufacturing readiness.

2. Anticipation for key Phase 3 clinical trial readouts for VAX-31. While Vaxcyte completed enrollment for its VAX-31 OPUS-1 and OPUS-2 adult Phase 3 trials in March 2026, and OPUS-3 enrollment by May 2026, the topline data for the pivotal OPUS-1 trial is not expected until fiscal Q4 2026. Results from the OPUS-2 and OPUS-3 trials are anticipated even later, in the first half of fiscal 2027. This extended waiting period for critical efficacy and safety data for the company's lead candidate can contribute to investor impatience and stock volatility for a clinical-stage biotechnology company, especially given its high cash burn.

3. Equity dilution from the February 2026 public offering. Just prior to the specified period, in February 2026, Vaxcyte completed an underwritten public offering of 12,650,000 shares of its common stock at a price of $50.00 per share, generating aggregate gross proceeds of $632.5 million. While this offering strengthened the company's balance sheet and extended its cash runway to approximately $2.7 billion as of March 31, 2026, the increased share count would have resulted in dilution for existing shareholders. This dilution, in the absence of immediate positive catalysts, could have exerted downward pressure on the stock price per share.

4. Market sensitivity and broader biotech sector sentiment. As a pre-revenue biotechnology company with significant R&D expenses and a pipeline in late-stage development, Vaxcyte's stock is highly sensitive to broader market sentiment, particularly concerns around cash burn and the timelines for clinical success. Without major immediate clinical catalysts, the stock has been noted to be "sensitive to incremental flow and sentiment shifts," leading to potential periods of profit-taking and selling pressure.

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Stock Movement Drivers

Fundamental Drivers

The -16.7% change in PCVX stock from 2/28/2026 to 6/19/2026 was primarily driven by a -2.2% change in the company's Shares Outstanding (Mil).
(LTM values as of)22820266192026Change
Stock Price ($)61.7451.44-16.7%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)136140-2.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/19/2026
ReturnCorrelation
PCVX-16.7% 
Market (SPY)9.2%38.8%
Sector (XLV)-6.4%28.5%

Fundamental Drivers

The 3.7% change in PCVX stock from 11/30/2025 to 6/19/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256192026Change
Stock Price ($)49.6151.443.7%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)136140-2.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/19/2026
ReturnCorrelation
PCVX3.7% 
Market (SPY)9.9%34.0%
Sector (XLV)-4.4%33.0%

Fundamental Drivers

The 58.3% change in PCVX stock from 5/31/2025 to 6/19/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120256192026Change
Stock Price ($)32.4951.4458.3%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)136140-2.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/19/2026
ReturnCorrelation
PCVX58.3% 
Market (SPY)28.1%28.0%
Sector (XLV)14.6%40.8%

Fundamental Drivers

The 3.9% change in PCVX stock from 5/31/2023 to 6/19/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120236192026Change
Stock Price ($)49.5251.443.9%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)86140-38.2%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/19/2026
ReturnCorrelation
PCVX3.9% 
Market (SPY)85.7%19.6%
Sector (XLV)22.9%29.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PCVX Return-10%102%31%30%-44%10%91%
Peers Return60%-21%-35%0%-9%42%8%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
PCVX Win Rate33%67%50%58%50%33% 
Peers Win Rate58%46%29%35%48%54% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
PCVX Max Drawdown-44%-34%-28%-31%-70%-28% 
Peers Max Drawdown-38%-47%-47%-48%-37%-19% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: PFE, MRK, MRNA, NVAX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

How Low Can It Go

EventPCVXS&P 500
2024 Yen Carry Trade Unwind
  % Loss-12.9%-7.8%
  % Gain to Breakeven14.8%8.5%
  Time to Breakeven27 days18 days
2023 SVB Regional Banking Crisis
  % Loss-19.5%-6.7%
  % Gain to Breakeven24.2%7.1%
  Time to Breakeven7 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-33.6%-24.5%
  % Gain to Breakeven50.5%32.4%
  Time to Breakeven55 days427 days

Compare to PFE, MRK, MRNA, NVAX

In The Past

Vaxcyte's stock fell -12.9% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 14.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPCVXS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-33.6%-24.5%
  % Gain to Breakeven50.5%32.4%
  Time to Breakeven55 days427 days

Compare to PFE, MRK, MRNA, NVAX

In The Past

Vaxcyte's stock fell -12.9% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 14.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Vaxcyte (PCVX)

Vaxcyte, Inc. (PCVX) is a clinical-stage biotechnology company dedicated to developing innovative protein vaccines to prevent or treat serious bacterial infectious diseases. The company leverages its proprietary technology to create novel vaccine candidates aimed at addressing significant unmet medical needs. Its primary focus is on advancing these candidates through clinical trials with the goal of bringing them to market.

The company's lead product candidate is VAX-24, a 24-valent investigational pneumococcal conjugate vaccine currently undergoing Phase 1/2 clinical trials. VAX-24 is designed to protect against invasive pneumococcal disease and pneumonia, which are major global health concerns. Beyond its lead candidate, Vaxcyte's pipeline includes VAX-XP, an experimental vaccine intended to combat emerging bacterial strains and antibiotic resistance; VAX-A1, a conjugate vaccine candidate targeting Group A Strep; and VAX-PG, a novel protein vaccine candidate aimed at the key pathogen responsible for periodontitis.

Vaxcyte's primary market consists of patients at risk of these severe bacterial infections, as well as the healthcare providers and public health systems seeking advanced preventative and treatment options. By developing vaccines for diseases like pneumococcal infections, Group A Strep, and periodontitis, Vaxcyte aims to serve the global infectious disease market, offering solutions to improve public health outcomes and address challenges posed by antibiotic resistance.

AI Analysis | Feedback

Here are 1-3 brief analogies for Vaxcyte (PCVX):

  • Imagine a clinical-stage Pfizer or Merck that solely develops next-generation bacterial protein vaccines.
  • Like an early Moderna or BioNTech, but focused on pioneering new protein vaccines for bacterial diseases rather than mRNA.

AI Analysis | Feedback

  • VAX-24: A 24-valent investigational pneumococcal conjugate vaccine in Phase 1/2 clinical trials for invasive pneumococcal disease and pneumonia.
  • VAX-XP: A vaccine candidate aimed at protecting against emerging bacterial strains and combating antibiotic resistance.
  • VAX-A1: A conjugate vaccine candidate being developed to treat Group A Strep infections.
  • VAX-PG: A novel protein vaccine candidate targeting the keystone pathogen responsible for periodontitis.

AI Analysis | Feedback

Major Customers of Vaxcyte (PCVX)

Vaxcyte, Inc. is a clinical-stage biotechnology company focused on developing novel protein vaccines. As its lead vaccine candidate, VAX-24, and other pipeline candidates are currently in Phase 1/2 clinical trials and have not yet received regulatory approval for commercial sale, the company does not currently have major commercial customers for its products.

AI Analysis | Feedback

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Grant Pickering, MBA Chief Executive Officer, Director and Co-Founder

Grant Pickering co-founded Vaxcyte (formerly SutroVax, Inc.) in 2013 and brings over 30 years of experience in vaccine and immunotherapeutic drug development and commercialization. He has a track record of successfully forming and financing multiple platform companies. Prior to Vaxcyte, Mr. Pickering served as CEO of Mymetics Corporation, a European-based vaccine company. He was also an executive-in-residence at Kleiner, Perkins, Caufield & Byers and CEO at Juvaris BioTherapeutics. He played a significant role in Dendreon Corporation's IPO and led clinical development, operations, and business development, which led to the launch of Provenge®. Additionally, he led marketing and business development for Algos Pharmaceutical Corporation, which was acquired by Endo Pharmaceuticals.

Andrew Guggenhime, MBA President and Chief Financial Officer

Andrew Guggenhime has over 30 years of experience in the biotech and financial services industries, with broad expertise in strategy, finance, operations, investor relations, and corporate development. He joined Vaxcyte in May 2020 as CFO and COO, and was promoted to President and CFO in January 2021. He was instrumental in leading Vaxcyte's IPO in June 2020 and subsequent equity financings. Before joining Vaxcyte, he served as Chief Financial Officer of Dermira, Inc. through its acquisition by Eli Lilly and Company. His previous CFO roles include CardioDx, Inc. (a privately held company), Calistoga Pharmaceuticals, Inc. (acquired by Gilead Sciences, Inc.), Facet Biotech Corporation (acquired by Abbott Laboratories), PDL BioPharma, Inc., and Neoforma, Inc. (acquired by Global Healthcare Exchange, LLC).

Jim Wassil, MS, MBA Executive Vice President and Chief Operating Officer

Jim Wassil has over three decades of extensive experience in developing and commercializing vaccines globally, having held significant leadership positions in the vaccine divisions of Pfizer, Novartis, and Merck. Before joining Vaxcyte in 2019, he was the business unit lead for Pfizer Vaccines, where he was responsible for market access, policy, pricing, tender negotiations, epidemiology, and health outcomes for the entire portfolio, including the pneumococcal conjugate vaccine franchise (Prevnar 13®). At Novartis, he led the development and launch of Menveo, Bexsero®, and the meningococcal ABCWY vaccine candidate. He also led international marketing for the pediatric vaccine franchise at Merck Vaccines, where he launched RotaTeq®.

Mike Mullette, MBA Chief Commercial Officer

Mike Mullette has extensive experience in commercial leadership within the pharmaceutical and biotech industries. Prior to Vaxcyte, he served as Chief Operating Officer and interim Chief Executive Officer of Lykos Therapeutics. Before Lykos, he was Vice President and Managing Director of Commercial Operations for North America at Moderna, leading the global launch and commercialization of the company's COVID-19 vaccine. He also spent nearly two decades at Sanofi in various commercial leadership roles, overseeing a broad portfolio of vaccine products and multiple pediatric and adult vaccine launches across international markets, including Menactra (meningococcal).

Chris Griffith, MS, MBA Chief Business and Strategy Officer

Chris Griffith brings over 20 years of experience in the biopharmaceutical industry, with expertise in corporate development, strategy, and operations. Before joining Vaxcyte, he served as President and CEO of Adanate. He also co-founded and served as Chief Business and Strategy Officer of Dermira, a company that identified, developed, and commercialized immunology and dermatology products, which was acquired by Eli Lilly.

AI Analysis | Feedback

Risk of Clinical Trial Failure and Regulatory Approval

As a clinical-stage biotechnology company, Vaxcyte's primary risk lies in the success or failure of its vaccine candidates in clinical trials and the subsequent ability to obtain regulatory approval. The company's lead candidate, VAX-24, is currently in Phase 1/2 clinical trials, and other candidates like VAX-XP, VAX-A1, and VAX-PG are in earlier stages of development. There is no guarantee that any of these candidates will prove safe and effective, successfully complete all required clinical trials, or receive necessary regulatory approvals from health authorities. Failure to meet these milestones would significantly impact the company's value and future prospects.

Competition in the Vaccine Market

Vaxcyte operates in a highly competitive vaccine market. Even if its vaccine candidates prove successful in clinical trials and receive regulatory approval, they will face competition from existing vaccines marketed by established pharmaceutical companies, as well as new vaccines under development by other biotechnology firms. The ability to differentiate its products, demonstrate superior efficacy or safety, and achieve market adoption against entrenched competitors is a significant challenge for Vaxcyte.

Reliance on Future Funding

As a company without any approved products generating revenue, Vaxcyte is dependent on its ability to raise additional capital to fund its ongoing and future research and development activities, including extensive and costly clinical trials. The company's operations are capital-intensive, and there is no assurance that Vaxcyte will be able to obtain sufficient financing on favorable terms, or at all, when needed. A lack of adequate funding could force the company to delay, scale back, or discontinue some or all of its product development programs.

AI Analysis | Feedback

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AI Analysis | Feedback

Vaxcyte (symbol: PCVX) is developing vaccines for several bacterial infectious diseases. The addressable markets for its main product candidates are as follows:

VAX-24 and VAX-XP (Pneumococcal Conjugate Vaccines)

VAX-24 and VAX-XP are pneumococcal conjugate vaccine (PCV) candidates designed to prevent invasive pneumococcal disease and pneumonia.

  • The global pneumococcal vaccine market was valued at approximately USD 8.8 billion in 2024 and is projected to reach USD 15.1 billion by 2034.
  • Another estimate places the global pneumococcal vaccine market size at USD 8.07 billion in 2023, with a projection to reach USD 12.19 billion by 2030.
  • Vaxcyte's market potential within the pneumococcal vaccine market is driven by a total addressable market (TAM) of USD 13.3 billion by 2033.
  • The United States alone represents an estimated 45% of the global pneumococcal vaccine market, which was nearly USD 9 billion in 2024.
  • The 7 major invasive pneumococcal disease markets (US, EU4, UK, and Japan) reached a value of USD 6.6 billion in 2024 and are expected to grow to USD 12.0 billion by 2035.

VAX-A1 (Group A Strep Conjugate Vaccine)

VAX-A1 is a conjugate vaccine candidate designed to treat Group A Strep (GAS).

  • Group A Streptococcus infections result in over 600 million new global cases of pharyngitis per year.
  • The annual economic burden of invasive and noninvasive Group A Strep diseases in the U.S. was estimated at USD 6.08 billion.
  • Research suggests there is a viable global commercial market for a Strep A vaccine.

VAX-PG (Periodontitis Vaccine)

VAX-PG is a novel protein vaccine candidate targeting the keystone pathogen responsible for periodontitis.

  • The global periodontal therapeutics market (which would encompass a periodontitis vaccine) was valued at approximately USD 927.13 million in 2024 and is expected to reach USD 1.79 billion by 2034.
  • Other estimates for the global periodontal therapeutics market include a value of USD 683.97 million in 2025, projected to reach USD 1.31 billion by 2032.
  • The U.S. periodontal therapeutics market alone was valued at USD 246.62 million in 2023 and is projected to reach USD 471.30 million by 2032.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Vaxcyte (PCVX) over the next 2-3 years:

  1. Advancement of VAX-31 through pivotal Phase 3 clinical trials and subsequent Biologics License Application (BLA) submission for adults: Vaxcyte's lead candidate, VAX-31, a 31-valent pneumococcal conjugate vaccine, is in Phase 3 adult clinical trials, with topline data from the pivotal non-inferiority study (OPUS-1) expected in the fourth quarter of 2026. Multiple additional Phase 3 adult program data readouts are anticipated throughout 2026 and 2027, which are critical milestones supporting a potential BLA submission. Successful progression and regulatory approval are essential for commercial launch, which analysts project around 2028.
  2. Positive clinical trial results for VAX-31 in the infant population: Beyond its adult indication, VAX-31 is also being developed for infants. The Phase 2 dose-finding study in infants has completed enrollment, and topline data is expected in the first half of 2027. Favorable results in this significant demographic could expand the vaccine's market potential and accelerate future revenue generation from both adult and pediatric populations.
  3. Expansion of manufacturing capabilities in preparation for commercialization: Vaxcyte has been investing significantly in building a dedicated large-scale manufacturing facility, with completion expected by early 2026. This strategic investment in infrastructure is crucial for supporting the anticipated global commercial demand for its pneumococcal conjugate vaccine (PCV) programs once approved, directly enabling future revenue at scale.
  4. Pipeline diversification with the advancement of VAX-A1: Vaxcyte plans to initiate a Phase 1 adult study for VAX-A1, a conjugate vaccine candidate designed to prevent Group A Strep infections, in 2026. Progress with VAX-A1 would signify successful pipeline diversification beyond pneumococcal vaccines, laying the groundwork for a broader product portfolio and additional revenue streams in the future.
  5. Favorable market dynamics and potential for VAX-31 to become a new standard of care: The pneumococcal vaccine market, particularly the adult segment, is projected to grow significantly, with estimates suggesting an increase to nearly $13 billion by 2027. The recent recommendation for universal PCV vaccination for adults aged 50 and above further expands the target market. VAX-31's design to cover a broad spectrum of 31 pneumococcal strains (potentially 95% of invasive pneumococcal disease in U.S. adults 50+) positions it as a potential best-in-class vaccine, which, upon approval, could capture substantial market share and drive significant revenue growth.

AI Analysis | Feedback

Vaxcyte (symbol: PCVX) has made the following capital allocation decisions over the last 3-5 years:

Share Issuance

  • In February 2026, Vaxcyte closed an underwritten public offering, raising $632.5 million in gross proceeds through the sale of 12,650,000 shares of common stock at $50.00 per share, which included the full exercise of the underwriters' option to purchase additional shares. This resulted in approximately $600.2 million in net proceeds.
  • In February 2026, the company completed a follow-on equity offering, raising approximately $408.1 million.
  • Vaxcyte launched a new at-the-market (ATM) program in February 2026, allowing it to sell up to $500 million of common stock, replacing a prior ATM agreement. Under the previous ATM agreement, which was in effect from July 1, 2021, and amended on February 27, 2023, the company sold approximately $270.3 million of common stock before its termination on February 24, 2026.

Capital Expenditures

  • As of December 31, 2025, Vaxcyte had incurred $335.4 million in total capital and facility buildout expenditures, primarily related to the dedicated commercial manufacturing suite at Lonza. The buildout of this facility was completed in the first quarter of 2026, staying within the original projected budget of up to $350 million.
  • The company incurred $23.0 million in capital expenditures during the third quarter of 2025 for the manufacturing suite at Lonza. An additional $44.6 million was incurred in the second quarter of 2025 for this facility.
  • Vaxcyte has initiated the buildout of a high-volume, custom fill-finish line in North Carolina, as part of a long-term commitment of up to $1 billion in U.S. manufacturing and services.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PCVXPFEMRKMRNANVAXMedian
NameVaxcyte Pfizer Merck Moderna Novavax  
Mkt Price51.4425.21113.8763.969.1351.44
Mkt Cap7.2143.5281.525.31.525.3
Rev LTM063,31465,7682,2045962,204
Op Inc LTM-1,08915,50812,970-3,4122020
FCF LTM-8159,48314,115-1,603-98-98
FCF 3Y Avg-6318,60314,065-3,103-270-270
CFO LTM-77011,98417,890-1,466-92-92
CFO 3Y Avg-54611,51717,842-2,467-251-251

Growth & Margins

PCVXPFEMRKMRNANVAXMedian
NameVaxcyte Pfizer Merck Moderna Novavax  
Rev Chg LTM-1.4%2.9%-29.8%-52.5%-14.2%
Rev Chg 3Y Avg--9.2%4.4%-44.5%-7.3%-8.2%
Rev Chg Q-5.4%4.9%263.6%-79.1%5.1%
QoQ Delta Rev Chg LTM-1.2%1.2%14.7%-46.9%1.2%
Op Inc Chg LTM-71.2%3.1%-36.4%8.5%-95.2%-36.4%
Op Inc Chg 3Y Avg-66.1%203.9%69.7%-56.8%57.9%57.9%
Op Mgn LTM-24.5%19.7%-154.8%3.3%11.5%
Op Mgn 3Y Avg-17.3%19.9%-124.9%-4.7%6.3%
QoQ Delta Op Mgn LTM--0.7%-14.3%5.1%-45.7%-7.5%
CFO/Rev LTM-18.9%27.2%-66.5%-15.4%1.8%
CFO/Rev 3Y Avg-18.9%28.0%-73.5%-30.0%-5.5%
FCF/Rev LTM-15.0%21.5%-72.7%-16.4%-0.7%
FCF/Rev 3Y Avg-14.0%22.0%-91.2%-32.3%-9.2%

Valuation

PCVXPFEMRKMRNANVAXMedian
NameVaxcyte Pfizer Merck Moderna Novavax  
Mkt Cap7.2143.5281.525.31.525.3
P/S-2.34.311.52.53.4
P/Op Inc-6.69.321.7-7.475.79.3
P/EBIT-6.613.521.4-8.1-23.1-6.6
P/E-7.619.231.5-7.9-17.0-7.6
P/CFO-9.312.015.7-17.2-16.3-9.3
Total Yield-13.2%12.0%6.1%-12.6%-5.9%-5.9%
Dividend Yield0.0%6.8%2.9%0.0%0.0%0.0%
FCF Yield 3Y Avg-9.3%5.7%5.2%-18.0%-34.5%-9.3%
D/E0.00.40.20.10.20.2
Net D/E-0.20.40.2-0.2-0.3-0.2

Returns

PCVXPFEMRKMRNANVAXMedian
NameVaxcyte Pfizer Merck Moderna Novavax  
1M Rtn9.1%-2.2%1.5%32.9%-1.5%1.5%
3M Rtn-6.0%-5.0%0.4%24.5%-5.1%-5.0%
6M Rtn10.8%3.4%14.3%89.2%37.1%14.3%
12M Rtn54.0%12.9%48.4%151.8%44.9%48.4%
3Y Rtn-3.1%-22.8%13.3%-48.5%22.2%-3.1%
1M Excs Rtn3.5%-3.8%-1.6%37.9%0.6%0.6%
3M Excs Rtn-18.2%-20.0%-13.1%8.6%-19.8%-18.2%
6M Excs Rtn7.5%-8.2%7.3%103.7%29.3%7.5%
12M Excs Rtn27.5%-13.0%25.0%125.0%15.3%25.0%
3Y Excs Rtn-74.8%-96.2%-57.4%-121.7%-58.1%-74.8%

Comparison Analyses

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Financials

Segment Financials

Net Income by Segment
$ Mil20252024
Single Segment-767-464
Total-767-464


Assets by Segment
$ Mil20242023202220212020
Single Segment3,5111,4081,006324393
Total3,5111,4081,006324393


Price Behavior

Price Behavior
Market Price$51.44 
Market Cap ($ Bil)7.2 
First Trading Date06/12/2020 
Distance from 52W High-18.4% 
   50 Days200 Days
DMA Price$53.72$49.05
DMA Trendupdown
Distance from DMA-4.2%4.9%
 3M1YR
Volatility46.2%46.4%
Downside Capture196.13123.48
Upside Capture83.49140.39
Correlation (SPY)35.2%28.0%
PCVX Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta1.320.781.051.151.030.72
Up Beta-0.32-0.700.561.131.260.65
Down Beta-1.00-0.55-0.11-0.37-0.380.25
Up Capture53%54%86%172%199%72%
Bmk +ve Days13283667141432
Stock +ve Days12223261125381
Down Capture508%465%220%167%128%104%
Bmk -ve Days7132757109318
Stock -ve Days8193163122366

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PCVX
PCVX59.3%46.2%1.15-
Sector ETF (XLV)14.0%15.0%0.6641.1%
Equity (SPY)26.5%12.4%1.6127.5%
Gold (GLD)24.2%27.5%0.779.9%
Commodities (DBC)19.8%18.8%0.83-14.5%
Real Estate (VNQ)11.0%13.7%0.5216.9%
Bitcoin (BTCUSD)-40.0%42.5%-1.0820.3%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PCVX
PCVX19.4%63.4%0.54-
Sector ETF (XLV)5.4%14.7%0.1927.4%
Equity (SPY)13.5%17.1%0.6222.6%
Gold (GLD)17.1%18.3%0.762.5%
Commodities (DBC)7.5%19.4%0.290.1%
Real Estate (VNQ)1.9%18.9%0.0019.8%
Bitcoin (BTCUSD)11.0%54.2%0.4012.3%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PCVX
PCVX7.4%66.0%0.46-
Sector ETF (XLV)9.4%16.6%0.4625.3%
Equity (SPY)15.3%18.0%0.7321.3%
Gold (GLD)12.3%16.1%0.633.4%
Commodities (DBC)5.9%18.0%0.262.1%
Real Estate (VNQ)5.3%20.7%0.2217.0%
Bitcoin (BTCUSD)60.0%66.8%1.0011.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity14.5 Mil
Short Interest: % Change Since 51520265.0%
Average Daily Volume1.6 Mil
Days-to-Cover Short Interest8.8 days
Basic Shares Quantity139.5 Mil
Short % of Basic Shares10.4%

Earnings Returns History

Updated 6/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/2026-9.8%-5.0%-17.1%
2/24/20262.8%-2.5%-8.9%
11/4/2025-2.5%10.4%12.4%
8/6/2025-9.1%-4.4%0.1%
5/7/20258.4%1.4%27.6%
2/25/2025-0.9%-11.5%-13.6%
11/5/2024-3.2%-7.6%-16.3%
8/6/2024-4.6%4.5%51.6%
...
SUMMARY STATS   
# Positive131112
# Negative101211
Median Positive4.1%4.5%6.5%
Median Negative-3.6%-4.7%-11.9%
Max Positive14.6%25.2%51.6%
Max Negative-9.8%-11.8%-17.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/2026-9.8%-5.0%-17.1%
2/24/20262.8%-2.5%-8.9%
11/4/2025-2.5%10.4%12.4%
8/6/2025-9.1%-4.4%0.1%
5/7/20258.4%1.4%27.6%
2/25/2025-0.9%-11.5%-13.6%
11/5/2024-3.2%-7.6%-16.3%
8/6/2024-4.6%4.5%51.6%
5/8/2024-1.8%7.2%6.3%
2/27/2024-7.3%-11.8%-15.5%
11/6/20234.1%0.4%16.6%
8/8/2023-3.9%-2.8%1.9%
5/8/20234.8%-1.0%0.7%
2/27/2023-3.1%-2.5%-13.3%
11/7/20223.3%1.6%-0.3%
8/8/20220.4%0.5%6.1%
5/9/20220.5%14.6%-3.5%
2/28/20222.9%-0.2%6.8%
11/10/20214.4%1.4%-11.9%
8/11/20214.6%-9.8%2.7%
5/11/20217.7%13.2%33.3%
11/12/20202.6%-5.6%-10.2%
8/12/202014.6%25.2%-2.3%
SUMMARY STATS   
# Positive131112
# Negative101211
Median Positive4.1%4.5%6.5%
Median Negative-3.6%-4.7%-11.9%
Max Positive14.6%25.2%51.6%
Max Negative-9.8%-11.8%-17.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/24/202610-K
09/30/202511/04/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/25/202510-K
09/30/202411/05/202410-Q
06/30/202408/06/202410-Q
03/31/202405/08/202410-Q
12/31/202302/27/202410-K
09/30/202311/06/202310-Q
06/30/202308/08/202310-Q
03/31/202305/08/202310-Q
12/31/202202/27/202310-K
09/30/202211/07/202210-Q
06/30/202208/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/24/202610-K
09/30/202511/04/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/25/202510-K
09/30/202411/05/202410-Q
06/30/202408/06/202410-Q
03/31/202405/08/202410-Q
12/31/202302/27/202410-K
09/30/202311/06/202310-Q
06/30/202308/08/202310-Q
03/31/202305/08/202310-Q
12/31/202202/27/202310-K
09/30/202211/07/202210-Q
06/30/202208/08/202210-Q
03/31/202205/09/202210-Q
12/31/202102/28/202210-K
09/30/202111/10/202110-Q
06/30/202108/11/202110-Q
03/31/202105/11/202110-Q
12/31/202003/29/202110-K
09/30/202011/12/202010-Q
06/30/202008/12/202010-Q
03/31/202006/15/2020424B4

Insider Activity

Updated 6/18/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Pickering, GrantCHIEF EXECUTIVE OFFICERDirectSell618202652.5022,4611,179,20524,921,955Form
2Pickering, GrantCHIEF EXECUTIVE OFFICERChildren's TrustSell618202652.502,000105,0007,098,788Form
3Guggenhime, AndrewPRESIDENT AND CFODirectSell618202653.0010,000530,0005,532,935Form
4Wassil, JimCHIEF OPERATING OFFICERDirectSell603202649.522,250111,4167,848,324Form
5Wassil, JimCHIEF OPERATING OFFICERDirectSell501202656.832,250127,8709,135,242Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Pickering, GrantCHIEF EXECUTIVE OFFICERDirectSell618202652.5022,4611,179,20524,921,955Form
2Pickering, GrantCHIEF EXECUTIVE OFFICERChildren's TrustSell618202652.502,000105,0007,098,788Form
3Guggenhime, AndrewPRESIDENT AND CFODirectSell618202653.0010,000530,0005,532,935Form
4Wassil, JimCHIEF OPERATING OFFICERDirectSell603202649.522,250111,4167,848,324Form
5Wassil, JimCHIEF OPERATING OFFICERDirectSell501202656.832,250127,8709,135,242Form
6Cowan, ElviaSVP, Finance & CAODirectSell408202660.003,000180,0001,738,500Form
7Wassil, JimCHIEF OPERATING OFFICERDirectSell403202658.432,250131,4769,524,346Form
8Cowan, ElviaSVP, Finance & CAODirectSell318202655.571,892105,1471,610,272Form
9Cowan, ElviaSVP, Finance & CAODirectSell311202658.592,500146,4821,808,581Form
10Wassil, JimCHIEF OPERATING OFFICERDirectSell311202658.887,395435,4409,822,745Form
11Dhaliwal, Harpreet SChief Technical Ops OfficerDirectSell102202646.699,743454,8911,117,174Form
12Cowan, ElviaSVP, FINANCEDirectSell1229202547.9211,623556,972696,466Form
Core Cache Last Updated: 6/19/2026