Why Shares of Vaxcyte Rose 110.7% This Week
Shares of Vaxcyte (NASDAQ: PCVX), a clinical-stage vaccine innovation company, climbed 110.70% this week, according to data from S&P Global Intelligence. The stock closed last week at $20.58. It then opened dramatically higher on Monday at $35.15 and climbed to a weekly and 52-week high of $43.65 on Friday before closing the week at $43.36. The stock is up more than 82% this year.
The jump was due to the company releasing data from a trial for its pneumonia vaccine VAX-24, which has a Fast Track designation from the Food and Drug Administration. Actually, the stock rose Monday because, on Sunday, the company said it was planning to announce trial data on the vaccine.
On Monday, it followed up, saying VAX-24's phase 1/2 trial of healthy adults 18-64 met its primary safety and tolerability targets and was similar in that way to Pfizer's Prevnar 20 and could be a best-in-class pneumonia vaccine.
Source Fool.com
