Vaxcyte Inc (NASDAQ:PCVX) shares are trading higher Monday after the company announced positive topline results from the Phase 1/2 clinical proof-of-concept study evaluating the safety, tolerability and immunogenicity of VAX-24.

VAX-24 is the company's investigational 24-valent pneumococcal conjugate vaccine. In the study, VAX-24 met the primary safety and tolerability objectives, demonstrating a safety profile similar to Prevnar 20 for all doses studied.

"The study results demonstrate that VAX-24 has the potential to provide broader coverage and better immune responses relative to the standard-of-care. We believe this presents an opportunity to set a new bar for immunogenicity standards for pneumococcal vaccines," said Grant Pickering, co-founder and CEO of Vaxcyte.

Vaxcyte is a vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases.

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PCVX Price Action: Vaxcyte is making new 52-week highs on Monday.

The stock was up 77.4% at $36.50 at time of publication, according to Benzinga Pro.

Photo: Konstantin Kolosov from Pixabay.