Vaxcyte’s stock rallies 46% on positive data for its pneumococcal vaccine candidate

Shares of Vaxcyte Inc. PCVX, +70.17% soared 46.7% in premarket trading on Monday after the company said its experimental 24-valent pneumococcal conjugate vaccine met the primary endpoint in a Phase 1/2 clinical proof-of-concept study. The vaccine was tested in healthy adults. The company said it plans to advance its vaccine candidate into Phase 3 clinical trials using a 2.2 microgram dose. Vaxcyte’s stock is down 13.5% this year, while the S&P 500 SPX, +0.77% has declined 21.2%.