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Vaxcyte launches $1 bln stock, convertible offerings

Vaxcyte is launching public offerings of $500 million in stock and pre-funded warrants, and $500 million in convertible bonds due October 2032. The company intends to use the proceeds to fund the clinical development of its pneumonia vaccine VAX-31 and its seasonal influenza vaccine.

PCVX.O

8 mln shares outstanding for $11 bln market cap * Through Mon, stock up 60% YTD * 9 of 10 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $122, per LSEG (Lance Tupper is a Reuters market analyst. com 1-646-279-6380)