Vaxcyte initiated with a Buy at Goldman Sachs

Goldman Sachs analyst Chris Shibutani initiated coverage of Vaxcyte (PCVX) with a Buy rating and $135 price target The firm says clinical data for the company’s lead programs provide a “foundation for viewing” its core longer-term fundamentals as “strongly positive.” The recent relative underperformance of the shares, driven primarily by uncertainties deriving from broader macro and healthcare policy-related uncertainties, creates an “especially attractive entry point,” the analyst tells investors in a research note. Goldman believes Vaxcyte’s upcoming data in Q1 for VAX-24 in the infant and pediatric population “provides a potentially high impact near-term catalyst.”