Vaxcyte (PCVX)


Market Price (10/5/2026): $87.42 | Market Cap: $12.6 BilSector: Health Care | Industry: Biotechnology

Vaxcyte (PCVX)


Market Price (10/5/2026): $87.42
Market Cap: $12.6 Bil
Sector: Health Care
Industry: Biotechnology

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 -17%

Low stock price volatility
Vol 12M is 45%

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 -85%, 3Y Excs Rtn is -71%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.04, 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 11%

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 -1.2 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 -17%
1 Low stock price volatility
Vol 12M is 45%
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 -85%, 3Y Excs Rtn is -71%
4 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.04, 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 11%
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 -1.2 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%
IWM0.26%
VB0.11%
XBI1.1%
IBB0.58%
IWO0.33%
VBK0.25%
+12 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

Vaxcyte (PCVX) stock has lost about 5% since 6/30/2026 because of the following key factors:

1. Persistent Overvaluation and Long-Term Market Correction.

Vaxcyte's stock has been subject to a long-term market correction, with an InvestingPro analysis from September 2024 flagging the stock as significantly overvalued at $111.58. The stock subsequently declined 49% to $56.90 by October 1, 2026. This ongoing adjustment to a more realistic intrinsic value, compounded by worsening fundamental metrics such as EBITDA losses more than doubling to negative $1.15 billion and earnings per share deteriorating to negative $7.65, likely contributed to the recent 5% decline.

2. Continued High Operating Losses.

As a clinical-stage biotechnology company without commercial products, Vaxcyte continues to incur substantial operating losses, which can weigh on investor sentiment. In fiscal Q2 2026, reported on August 5, 2026, the company posted a net loss of $284.3 million, an increase from the $166.6 million net loss reported in the comparable quarter of the previous year.

Show more
Updated on 10/1/2026

Vaxcyte (PCVX) stock has lost about 5% since 6/30/2026 because of the following key factors:

1. Persistent Overvaluation and Long-Term Market Correction.

Vaxcyte's stock has been subject to a long-term market correction, with an InvestingPro analysis from September 2024 flagging the stock as significantly overvalued at $111.58. The stock subsequently declined 49% to $56.90 by October 1, 2026. This ongoing adjustment to a more realistic intrinsic value, compounded by worsening fundamental metrics such as EBITDA losses more than doubling to negative $1.15 billion and earnings per share deteriorating to negative $7.65, likely contributed to the recent 5% decline.

2. Continued High Operating Losses.

As a clinical-stage biotechnology company without commercial products, Vaxcyte continues to incur substantial operating losses, which can weigh on investor sentiment. In fiscal Q2 2026, reported on August 5, 2026, the company posted a net loss of $284.3 million, an increase from the $166.6 million net loss reported in the comparable quarter of the previous year.

3. Significant Insider Selling Activity.

During the 90-day period leading up to the end of September 2026 (since June 30, 2026), Vaxcyte experienced approximately $13.5 million in aggregate insider stock sales across 47 transactions, with no insider purchases. This substantial selling activity by company executives, in excess of the $5 million threshold, can be interpreted by the market as a lack of strong conviction from those closest to the company's operations.

4. Heightened Anticipation and Binary Event Risk for VAX-31 Phase 3 Data.

Vaxcyte narrowed the guidance for the topline safety, tolerability, and immunogenicity data from its VAX-31 adult Phase 3 OPUS-1 pivotal trial, with results now expected by the end of October 2026, a tighter timeline than the previous Q4 2026 guidance. While this accelerated timeline brings clarity closer, it also intensifies the "binary event" risk inherent in clinical trial readouts for a pre-revenue company. Investors may be adjusting their positions ahead of this crucial data, given the high stakes and competitive landscape for pneumococcal vaccines.

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Stock Movement Drivers

Fundamental Drivers

The -2.8% change in PCVX stock from 6/30/2026 to 10/4/2026 was primarily driven by a -3.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)630202610042026Change
Stock Price ($)58.1356.48-2.8%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)140144-3.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/4/2026
ReturnCorrelation
PCVX-2.8% 
Market (SPY)3.1%23.7%
Sector (XLV)4.7%38.0%

Fundamental Drivers

The -2.8% change in PCVX stock from 3/31/2026 to 10/4/2026 was primarily driven by a -5.6% change in the company's Shares Outstanding (Mil).
(LTM values as of)331202610042026Change
Stock Price ($)58.1156.48-2.8%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)136144-5.6%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/4/2026
ReturnCorrelation
PCVX-2.8% 
Market (SPY)18.6%23.4%
Sector (XLV)13.8%29.3%

Fundamental Drivers

The 56.8% change in PCVX stock from 9/30/2025 to 10/4/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510042026Change
Stock Price ($)36.0256.4856.8%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)136144-5.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/4/2026
ReturnCorrelation
PCVX56.8% 
Market (SPY)16.5%24.9%
Sector (XLV)20.9%35.9%

Fundamental Drivers

The 10.8% change in PCVX stock from 9/30/2023 to 10/4/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310042026Change
Stock Price ($)50.9856.4810.8%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)98144-32.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/4/2026
ReturnCorrelation
PCVX10.8% 
Market (SPY)86.2%20.3%
Sector (XLV)35.2%30.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PCVX Return-10%102%31%30%-44%23%113%
Peers Return60%-21%-35%0%-9%169%104%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
PCVX Win Rate33%67%50%58%50%44% 
Peers Win Rate58%46%29%35%48%64% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
PCVX Max Drawdown-44%-34%-28%-31%-70%-28% 
Peers Max Drawdown-38%-47%-47%-48%-37%-24% 
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 10/2/2026 (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.

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  • 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.

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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.

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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.

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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.

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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.

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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.

Peer Outperformance in Biotechnology

PCVX has outperformed 90% of its 361 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that PCVX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
74%
of 453 industry peers · 32.4% return
3Y
62%
of 401 industry peers · 15.4% return
5Y
90%
of 361 industry peers · 134.2% return
No Biotechnology peer with a comparable growth profile has beaten PCVX by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is PCVX's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 12.8%43.2%91.3% CAH 414% · MCK 366% · COR 175%
Health Care Services 20 18.8%36.3%9.1% HIMS 295% · RDNT 144% · DGX 81%
Managed Health Care 8 25.4%-8.6%4.2% OSCR 92% · HQY 38% · ELV 11%
Health Care Facilities 24 -2.1%5.0%-3.6% THC 291% · NHC 272% · ENSG 131%
Health Care Equipment 50 -8.9%-0.2%-16.2% POCI 11050% · UFPT 374% · GKOS 253%
Pharmaceuticals 62 -7.4%-2.8%-30.9% INDV 1117% · ETON 1046% · LQDA 953%
Health Care Supplies 12 21.5%-4.9%-37.5% LNTH 296% · HAE 52% · MMSI 19%
Life Sciences Tools & Services 109 -5.7%-11.3%-66.7% SNWV 1867% · NTRA 269% · MEDP 210%
Health Care Technology 21 -35.8%-55.3%-79.1% SPOK 79% · HSTM 10% · VEEV -2%
Biotechnology ← 362 -18.3%-24.6%-79.3% CELZ 1252% · ELVN 1139% · DNTH 1108%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PCVXPFEMRKMRNANVAXMedian
NameVaxcyte Pfizer Merck Moderna Novavax  
Mkt Price89.1527.77143.72189.0010.4989.15
Mkt Cap12.9158.2355.075.21.775.2
Rev LTM063,69566,5692,2104142,210
Op Inc LTM-1,16517,0196,985-3,320-136-136
FCF LTM-92110,98516,063-1,244-43-43
FCF 3Y Avg-6899,41114,644-2,908-235-235
CFO LTM-88113,40119,967-1,073-37-37
CFO 3Y Avg-60312,19818,397-2,337-218-218

Growth & Margins

PCVXPFEMRKMRNANVAXMedian
NameVaxcyte Pfizer Merck Moderna Novavax  
Rev Chg LTM--0.2%4.6%-27.7%-61.6%-13.9%
Rev Chg 3Y Avg--5.2%4.5%-39.7%-21.8%-13.5%
Rev Chg Q-2.6%5.1%4.4%-76.3%3.5%
QoQ Delta Rev Chg LTM-0.6%1.2%0.3%-30.6%0.4%
Op Inc Chg LTM-64.3%2.1%-64.8%-1.4%-138.8%-64.3%
Op Inc Chg 3Y Avg-62.1%233.9%36.7%-325.2%44.8%36.7%
Op Mgn LTM-26.7%10.5%-150.2%-32.9%-11.2%
Op Mgn 3Y Avg-18.7%22.4%-116.8%-12.6%3.1%
QoQ Delta Op Mgn LTM--0.5%-9.2%4.6%-36.2%-4.9%
CFO/Rev LTM-21.0%30.0%-48.6%-8.9%6.1%
CFO/Rev 3Y Avg-19.7%28.6%-67.3%-21.9%-1.1%
FCF/Rev LTM-17.2%24.1%-56.3%-10.4%3.4%
FCF/Rev 3Y Avg-15.1%22.8%-83.5%-24.2%-4.5%

Valuation

PCVXPFEMRKMRNANVAXMedian
NameVaxcyte Pfizer Merck Moderna Novavax  
Mkt Cap12.9158.2355.075.21.775.2
P/S-2.55.334.04.24.8
P/Op Inc-11.19.350.8-22.7-12.7-11.1
P/EBIT-11.122.946.2-24.7-7.7-7.7
P/E-12.136.5111.9-23.9-7.0-7.0
P/CFO-14.611.817.8-70.1-46.8-14.6
Total Yield-13.0%8.9%3.2%-4.2%-14.4%-4.2%
Dividend Yield0.0%6.2%2.3%0.0%0.0%0.0%
FCF Yield 3Y Avg-10.1%6.7%5.6%-15.3%-22.2%-10.1%
D/E0.00.40.20.00.20.2
Net D/E-0.10.30.1-0.1-0.2-0.1

Returns

PCVXPFEMRKMRNANVAXMedian
NameVaxcyte Pfizer Merck Moderna Novavax  
1M Rtn45.8%-2.4%-3.8%29.9%2.6%2.6%
3M Rtn52.7%16.2%11.6%137.0%7.7%16.2%
6M Rtn52.7%1.4%20.5%284.1%36.2%36.2%
12M Rtn109.0%8.6%65.9%563.4%10.9%65.9%
3Y Rtn82.1%0.6%52.0%83.5%47.1%52.0%
1M Excs Rtn43.6%-5.1%-5.4%24.6%0.9%0.9%
3M Excs Rtn52.6%16.6%11.6%128.6%9.7%16.6%
6M Excs Rtn25.4%-15.9%3.2%266.9%18.9%18.9%
12M Excs Rtn110.6%-5.9%49.1%569.8%-4.7%49.1%
3Y Excs Rtn-53.9%-75.7%-28.8%9.8%-35.0%-35.0%

Comparison Analyses

null

Financials

Segment Financials

Operating Income by Segment
$ Mil20222021
Single Segment-232-104
Total-232-104


Net Income by Segment
$ Mil202520242023
Single Segment-767-464-402
Total-767-464-402


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


Price Behavior

Price Behavior
Market Price$56.48 
Market Cap ($ Bil)8.2 
First Trading Date06/12/2020 
Distance from 52W High-10.8% 
   50 Days200 Days
DMA Price$58.54$55.11
DMA Trendupup
Distance from DMA-3.5%2.5%
 3M1YR
Volatility38.4%44.1%
Downside Capture84.1878.81
Upside Capture52.5097.83
Correlation (SPY)23.2%25.1%
PCVX Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.880.630.860.790.870.77
Up Beta1.330.011.311.011.470.71
Down Beta-0.611.541.050.610.130.38
Up Capture78%84%57%55%125%75%
Bmk +ve Days6162766132424
Stock +ve Days11212963126381
Down Capture144%52%81%100%77%103%
Bmk -ve Days16263760120328
Stock -ve Days11203462124367

[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
PCVX48.7%44.7%1.01-
Sector ETF (XLV)17.4%15.7%0.8234.5%
Equity (SPY)16.2%13.0%0.8824.9%
Gold (GLD)6.8%29.6%0.2214.0%
Commodities (DBC)44.9%20.8%1.67-12.3%
Real Estate (VNQ)1.5%13.6%-0.1512.4%
Bitcoin (BTCUSD)-28.9%44.3%-0.6416.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PCVX
PCVX17.9%62.3%0.51-
Sector ETF (XLV)6.4%15.2%0.2328.6%
Equity (SPY)13.1%17.2%0.5822.6%
Gold (GLD)18.4%18.9%0.793.2%
Commodities (DBC)10.3%19.6%0.41-1.5%
Real Estate (VNQ)0.7%18.8%-0.0720.1%
Bitcoin (BTCUSD)14.6%52.2%0.4513.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PCVX
PCVX8.4%65.0%0.47-
Sector ETF (XLV)10.4%16.7%0.5025.6%
Equity (SPY)15.3%17.9%0.7221.3%
Gold (GLD)11.5%16.4%0.574.0%
Commodities (DBC)8.2%18.1%0.371.7%
Real Estate (VNQ)4.2%20.7%0.1616.9%
Bitcoin (BTCUSD)64.1%66.2%1.0411.7%

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

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity16.1 Mil
Short Interest: % Change Since 83120267.4%
Average Daily Volume1.2 Mil
Days-to-Cover Short Interest13.0 days
Basic Shares Quantity144.5 Mil
Short % of Basic Shares11.2%

Earnings Returns History

Updated 10/5/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20265.3%6.7%9.4%
5/6/2026-9.8%-5.0%-17.1%
2/24/20261.8%2.9%-9.3%
11/4/2025-3.5%0.2%7.6%
8/6/2025-9.1%-4.4%0.1%
5/7/20258.4%1.4%27.6%
2/25/2025-2.9%-11.7%-12.0%
11/5/20241.0%-2.7%-12.6%
...
SUMMARY STATS   
# Positive141314
# Negative9109
Median Positive2.2%3.3%6.0%
Median Negative-3.9%-5.1%-12.6%
Max Positive8.4%14.6%51.6%
Max Negative-9.8%-11.7%-17.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20265.3%6.7%9.4%
5/6/2026-9.8%-5.0%-17.1%
2/24/20261.8%2.9%-9.3%
11/4/2025-3.5%0.2%7.6%
8/6/2025-9.1%-4.4%0.1%
5/7/20258.4%1.4%27.6%
2/25/2025-2.9%-11.7%-12.0%
11/5/20241.0%-2.7%-12.6%
8/6/2024-4.6%4.5%51.6%
5/8/2024-1.8%7.2%6.3%
2/27/20242.6%-9.4%-14.6%
11/6/2023-4.9%-5.1%5.8%
8/8/2023-3.9%-2.8%1.9%
5/8/20234.8%-1.0%0.7%
2/27/20231.4%2.0%-9.6%
11/7/20220.8%3.3%0.5%
8/8/20220.4%0.5%6.1%
5/9/20220.5%14.6%-3.5%
2/28/20222.5%1.5%4.2%
11/10/2021-1.0%3.6%-14.1%
8/11/20214.6%-9.8%2.7%
5/11/20217.7%13.2%33.3%
11/12/20201.3%-9.3%-15.3%
SUMMARY STATS   
# Positive141314
# Negative9109
Median Positive2.2%3.3%6.0%
Median Negative-3.9%-5.1%-12.6%
Max Positive8.4%14.6%51.6%
Max Negative-9.8%-11.7%-17.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
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
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
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 10/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wassil, JimEVP, Chief Scientific Ofc, COODirectSell1002202656.672,250127,5138,242,176Form
2Wassil, JimEVP, Chief Scientific Ofc, COODirectSell909202659.521,33479,4018,656,437Form
3Wassil, JimEVP, Chief Scientific Ofc, COODirectSell909202661.161,38184,4629,310,264Form
4Wassil, JimCHIEF OPERATING OFFICERDirectSell902202661.073,477212,3529,468,855Form
5Dhaliwal, Harpreet SChief Technical Ops OfficerDirectSell805202655.0017,000935,0684,221,887Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wassil, JimEVP, Chief Scientific Ofc, COODirectSell1002202656.672,250127,5138,242,176Form
2Wassil, JimEVP, Chief Scientific Ofc, COODirectSell909202659.521,33479,4018,656,437Form
3Wassil, JimEVP, Chief Scientific Ofc, COODirectSell909202661.161,38184,4629,310,264Form
4Wassil, JimCHIEF OPERATING OFFICERDirectSell902202661.073,477212,3529,468,855Form
5Dhaliwal, Harpreet SChief Technical Ops OfficerDirectSell805202655.0017,000935,0684,221,887Form
6Wassil, JimCHIEF OPERATING OFFICERDirectSell805202653.862,250121,1958,485,847Form
7Guggenhime, AndrewPRESIDENT AND CFODirectSell805202653.8910,000538,8795,667,717Form
8Pickering, GrantCHIEF EXECUTIVE OFFICERDirectSell728202655.6316,198901,06925,213,399Form
9Pickering, GrantCHIEF EXECUTIVE OFFICERChildren's TrustSell728202655.652,000111,3077,413,860Form
10Guggenhime, AndrewPRESIDENT AND CFODirectSell706202657.2810,000572,8375,980,130Form
11Wassil, JimCHIEF OPERATING OFFICERDirectSell706202656.332,250126,7368,829,855Form
12Pickering, GrantCHIEF EXECUTIVE OFFICERDirectSell626202655.2122,2371,227,80524,982,679Form
13Pickering, GrantCHIEF EXECUTIVE OFFICERChildren's TrustSell626202655.232,000110,4657,413,052Form
14Pickering, GrantCHIEF EXECUTIVE OFFICERDirectSell618202652.5022,4611,179,20524,921,955Form
15Pickering, GrantCHIEF EXECUTIVE OFFICERChildren's TrustSell618202652.502,000105,0007,098,788Form
16Guggenhime, AndrewPRESIDENT AND CFODirectSell618202653.0010,000530,0005,532,935Form
17Wassil, JimCHIEF OPERATING OFFICERDirectSell603202649.522,250111,4167,848,324Form
18Wassil, JimCHIEF OPERATING OFFICERDirectSell501202656.832,250127,8709,135,242Form
19Cowan, ElviaSVP, Finance & CAODirectSell408202660.003,000180,0001,738,500Form
20Wassil, JimCHIEF OPERATING OFFICERDirectSell403202658.432,250131,4769,524,346Form
21Cowan, ElviaSVP, Finance & CAODirectSell318202655.571,892105,1471,610,272Form
22Cowan, ElviaSVP, Finance & CAODirectSell311202658.592,500146,4821,808,581Form
23Wassil, JimCHIEF OPERATING OFFICERDirectSell311202658.887,395435,4409,822,745Form
24Dhaliwal, Harpreet SChief Technical Ops OfficerDirectSell102202646.699,743454,8911,117,174Form
25Cowan, ElviaSVP, FINANCEDirectSell1229202547.9211,623556,972696,466Form

Investor Activity (13F)

Updated Oct 5, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Pivotal bioVenture Partners Investment Advisor LLC$79.8 Mil28.5%13Hold13F
Kynam Capital Management, LP$169.8 Mil10.8%36Hold13F
Trails Edge Capital Partners, LP$38.5 Mil9.1%26TRIM -10.2%13F
Saturn V Capital Management LP$47.9 Mil8.7%21Hold13F
Caligan Partners LP$119.7 Mil8.5%24ADD +20.9%13F
Jones Hill Capital LP$37.5 Mil8.0%26New13F
Paradigm Biocapital Advisors LP$278.5 Mil5.7%35ADD +17.8%13F
Elmind Capital, LP$18.4 Mil5.2%34ADD +8.6%13F
Novo Holdings A/S$50.0 Mil4.0%22TRIM -6.1%13F
Spruce Street Capital LP$14.3 Mil3.4%28TRIM -38.6%13F
First Light Asset Management, LLC$8.2 Mil0.7%35New13F
Cormorant Asset Management, LP$5.8 Mil0.3%46TRIM -20.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Jones Hill Capital LP$37.5 Mil8.0%26New13F
First Light Asset Management, LLC$8.2 Mil0.7%35New13F
Caligan Partners LP$119.7 Mil8.5%24ADD +20.9%13F
Paradigm Biocapital Advisors LP$278.5 Mil5.7%35ADD +17.8%13F
Elmind Capital, LP$18.4 Mil5.2%34ADD +8.6%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
EcoR1 Capital, LLC$20.8 Mil0.9%28ExitedDec 31, 202513F
Spruce Street Capital LP$14.3 Mil3.4%28TRIM -38.6%Mar 31, 202613F
Cormorant Asset Management, LP$5.8 Mil0.3%46TRIM -20.0%Mar 31, 202613F
Trails Edge Capital Partners, LP$38.5 Mil9.1%26TRIM -10.2%Mar 31, 202613F
Novo Holdings A/S$50.0 Mil4.0%22TRIM -6.1%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Paradigm Biocapital Advisors LP$278.5 Mil5.7%35ADD +17.8%13F
Kynam Capital Management, LP$169.8 Mil10.8%36Hold13F
Caligan Partners LP$119.7 Mil8.5%24ADD +20.9%13F
Pivotal bioVenture Partners Investment Advisor LLC$79.8 Mil28.5%13Hold13F
Novo Holdings A/S$50.0 Mil4.0%22TRIM -6.1%13F
Saturn V Capital Management LP$47.9 Mil8.7%21Hold13F
Trails Edge Capital Partners, LP$38.5 Mil9.1%26TRIM -10.2%13F
Jones Hill Capital LP$37.5 Mil8.0%26New13F
Elmind Capital, LP$18.4 Mil5.2%34ADD +8.6%13F
Spruce Street Capital LP$14.3 Mil3.4%28TRIM -38.6%13F
First Light Asset Management, LLC$8.2 Mil0.7%35New13F
Cormorant Asset Management, LP$5.8 Mil0.3%46TRIM -20.0%13F
Core Cache Last Updated: 10/4/2026