Needham Raises Vaxcyte Price Target to $122 Following Successful VAX-31 Trials

Key Facts

1Needham raised its price target for Vaxcyte from $110 to $122 following positive Phase 3 trial results for its VAX-31 vaccine.

2The VAX-31 vaccine met all 32 prespecified primary endpoints in the OPUS-1 trial, demonstrating noninferiority against competitors Pfizer and Merck.

3Vaxcyte shares surged 57% in Monday morning trading in response to the clinical trial results.

Needham raised its price target for Vaxcyte from $110 to $122 following positive Phase 3 trial results for its VAX-31 vaccine. The vaccine met all 32 prespecified primary endpoints in the OPUS-1 trial, demonstrating noninferiority against competing vaccines from Pfizer and Merck. Financial Modeling Prep reported that Vaxcyte shares surged 57% in Monday morning trading in response to the clinical trial data.

PCVX closed at $56.48 on October 2, 2026, prior to the trial results that positioned the vaccine to compete with major industry peers. On the same date, Pfizer (PFE) closed at $27.80, while Merck (MRK) closed at $144.30 on October 2, 2026. The price target upgrade reflects the vaccine's potential to capture a significant portion of the pneumococcal market, which is estimated to be worth billions of dollars.