Mizuho analyst Salim Syed raised the firm’s price target on Vaxcyte to $163 from $113 and keeps an Outperform rating on the shares. The firm updated the company’s model model post the positive Phase 1/2 top-line readout of VAX-31 in adults. The analyst is now modeling a base case with VAX-31 in adults, and effectively largely infants as well, with probability of success across the various model components in the 80%-90% range. It increased its risk-adjusted peak revenue to $8B from $6B.
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