10 Best Performing Biotech Stocks in 2024

7. Vaxcyte, Inc. (NASDAQ:PCVX)

Total YTD Return: 37.48% 

Vaxcyte, Inc. (NASDAQ:PCVX), standing sixth among the best performing biotech stocks in 2024, focuses on developing protein vaccines for bacterial infectious diseases. Its lead candidates include VAX-24, a 24-valent pneumococcal conjugate vaccine, and VAX-31, a next-generation 31-valent PCV. Other vaccine candidates include VAX-A1 for Group A Streptococcus, VAX-PG for periodontal disease, and VAX-GI for Shigella.

In Q3 2024, Vaxcyte, Inc. (NASDAQ:PCVX) reported strong financial and operational results. As of September 30, 2024, the company had $3.3 billion in cash, including $1.4 billion from a September public offering, supporting its clinical and manufacturing efforts. Research and development expenses rose to $116.9 million, while general and administrative expenses increased to $23.0 million. The company reported a net loss of $103.1 million, up from $92.7 million in Q3 2023, due to higher operating expenses. Vaxcyte, Inc. (NASDAQ:PCVX)’s VAX-31 candidate, which showed positive safety and immunogenicity data, is set to enter Phase 3 trials by mid-2025. The VAX-24 infant Phase 2 study is expected to release topline data by Q1 2025, with booster dose data by the end of 2025.

According to the Insider Monkey database, 48 hedge funds had shares in the company as of Q3 2024, with RA Capital Management holding $992.2 million in shares. Along with a consensus Strong Buy rating, analysts have set an average price target of $148.50, with high and low forecasts of $160.00 and $135.00, respectively. Compared to the previous price of $89.86, the average price objective reflects a 65.26% change.