The U.S. stock market experienced a downturn on Tuesday, with the Nasdaq Composite dropping around 2%. However, Vaxcyte, Inc. (PCVX) emerged as a notable bright spot, experiencing a significant surge in its share price. This positive performance was fueled by the release of topline results from the company’s Phase 1/2 study evaluating the safety, tolerability, and immunogenicity of VAX-31, its 31-valent pneumococcal conjugate vaccine (PCV) candidate. VAX-31 is designed to prevent invasive pneumococcal disease.
The study findings revealed that VAX-31 was well tolerated and demonstrated a favorable safety profile across all doses studied throughout the six-month evaluation period. Notably, the safety profile closely resembled that of Pfizer Inc.’s (PFE) Prevnar 20 (PCV20), a leading pneumococcal vaccine. This positive news propelled Vaxcyte’s shares up by a remarkable 43.5%, reaching $115.92 on Tuesday.
Beyond Vaxcyte, other notable stocks recorded gains during the trading session. Sable Offshore Corp. (SOC) saw its shares increase by 28.8% to $21.69. Shoals Technologies Group, Inc. (SHLS) experienced a 21.8% surge to $6.57 after the company received a favorable legal ruling from the U.S. International Trade Commission (ITC) in its patent infringement complaint against Voltage, LLC and a related foreign entity.
Polestar Automotive Holding UK PLC (PSNY) rose by 16% to $1.4150 following the appointment of former Stellantis executive Jean-Francois Mady as its new Chief Financial Officer (CFO). Big Tree Cloud Holdings Limited (DSY) gained 12.6% to $5.99. Applied Optoelectronics, Inc. (AAOI) jumped by 10.7% to $12.57 after Raymond James upgraded the stock from Market Perform to Outperform and announced a $17 price target.
Unity Software Inc. (U) experienced a 9.4% increase to $17.91, driven by an upgrade from Morgan Stanley, which moved the stock from Equal-Weight to Overweight. BridgeBio Pharma, Inc. (BBIO) saw a significant jump of 8.5% to $30.24, fueled by HC Wainwright & Co. analyst Raghuram Selvaraju’s reiteration of a Buy rating and a maintained $43 price target. Montana Technologies Corporation (AIRJ) gained 8.4% to $6.05, while Intchains Group Limited (ICG) climbed by 8.1% to $7.89.
Keros Therapeutics, Inc. (KROS) rose by 8.1% to $49.04 after the company announced an update on enrollment in its Phase 2 TROPOS trial. XPeng Inc. (XPEV) gained 4.8% to $8.44, driven by the company’s August delivery figures, which showed a 3% year-over-year increase to 14,000 smart electric vehicles (EVs). Vera Therapeutics, Inc. (VERA) saw its shares increase by 4.5% to $39.53 after JP Morgan analyst Anupam Rama maintained an Overweight rating and raised the price target from $62 to $72.
Novavax, Inc. (NVAX) rose by 4.5% to $12.94 following the U.S. Food and Drug Administration’s (FDA) granting of Emergency Use Authorization (EUA) to the company’s COVID-19 Vaccine, Adjuvanted (2024-2025 Formula) (NVX-CoV2705) for active immunization to prevent COVID-19 in individuals aged 12 and older. Bilibili Inc. (BILI) gained 3.7% to $14.91 after B of A Securities analyst Brad Sills maintained a Buy rating and raised the price target from $18 to $19. The J. M. Smucker Company (SJM) saw a 3.1% increase to $118.27.
