Shares of Vaccitech experienced a significant increase, more than doubling to $3.53 on Monday. This surge came after Alliance Global Partners discussed the promising future of the company’s blockbuster drugs.
The trading volume reached over 34 million shares, far surpassing the 65-day average of 13,485. Notably, the stock has witnessed a 51% increase since the beginning of the year. Prior to this surge, Vaccitech shares closed at $1.68 on Friday.
Alliance Global initiated coverage with a buy rating and set a price target of $12. They specifically highlighted the potential of VTP-300, a drug targeting hepatitis B, as well as VTP-200, designed for human papillomavirus infection.
According to analyst James Molloy, “If ultimately successful in clinical trials and approved, we believe VTP-300 is a legitimate potential blockbuster drug ($1B+ in sales) worldwide.” Molloy also emphasized that VTP-300 could become a blockbuster drug if approved, and mentioned Vaccitech’s diverse development pipeline beyond these two drugs.
However, Morgan Stanley took a different stance, downgrading their rating to equal-weight from overweight and reducing the price target to $3.25 from $14.
It will be interesting to see how these recent developments will shape the future of Vaccitech.
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