Vaxcyte Stock Jumps 31% After VAX-31 Clears Phase 3 Trial
By Rick Steves
AI summary of the source article
Vaxcyte stock rose 30.7% to close at $73.82 after its 31-serotype pneumococcal vaccine candidate, VAX-31, met primary endpoints in the 4,047-adult OPUS-1 Phase 3 trial. The results position the vaccine as a broad-spectrum challenger to Pfizer's Prevnar 20 and Merck's Capvaxive. Following market close, Vaxcyte launched $1 billion in financing, divided between $500 million in common stock with pre-funded warrants and $500 million in convertible senior notes due 2032. The proceeds are intended to fund manufacturing, commercial preparation, and remaining clinical trials ahead of a planned US biologics application in early 2028.
Why it matters
The clinical trial outcome sets up VAX-31 as a potential competitor to vaccines marketed by Pfizer and Merck, while the subsequent $1 billion capital raise provides funding through its planned 2028 regulatory submission.
Key facts
- Vaxcyte stock climbed 30.7% to $73.82 after VAX-31 met prespecified primary endpoints in the OPUS-1 Phase 3 trial.
- Vaxcyte launched two offerings totaling $1 billion, split between common stock and convertible senior notes due in 2032.
- The company expects additional trial readouts in the first half of 2027 and plans to submit a US biologics application in early 2028.