Vaxcyte CEO Grant Pickering offloaded shares for tax purposes, leaving investors focused on the upcoming Q4 readout of the VAX-31 trial, which pits the company's vaccine against offerings from Pfizer and Merck.
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Merck is mentioned as a competitor with its Capvaxive vaccine being compared to Vaxcyte's candidate; no direct commentary on Merck's outlook.
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Vaxcyte CEO Grant Pickering disposed of 6,289 shares in a non-discretionary transaction to cover tax obligations related to restricted stock vesting. The move comes as the clinical-stage biotech firm prepares for pivotal Phase 3 topline data from its VAX-31 trial, expected in the fourth quarter.
No, the transaction was non-discretionary. The shares were surrendered to the company solely to cover tax withholding obligations triggered by the vesting of restricted stock units.
The company expects to release topline data in the fourth quarter from its pivotal Phase 3 OPUS-1 trial, which tests the VAX-31 vaccine against Pfizer's Prevnar 20 and Merck's Capvaxive.