SAN CARLOS, CA – Vaxcyte, Inc. (NASDAQ:PCVX), a biotechnology company specializing in biological products, announced the appointment of John P. Furey to its Board of Directors as a Class II director, effective today. The decision, made by the Board on June 27, 2024, is based on a recommendation from the Nominating and Corporate Governance Committee.
Furey's term as a director will continue until the company's 2025 annual stockholders meeting. In addition to his director role, he will serve on the Compensation Committee of the Board. Vaxcyte has confirmed that Furey's appointment is free of any undisclosed personal or financial entanglements. He has been deemed an independent director according to the Nasdaq listing standards.
In line with the company's non-employee director compensation policy, Furey received an initial nonstatutory stock option grant valued at $800,000, which will vest over 36 months, contingent upon his ongoing service to the company. Furthermore, he will be granted an annual equity award worth $450,000, comprising both stock options and restricted stock units, vesting over a year or until the subsequent annual stockholders meeting, whichever comes first. These grants are also subject to his continuous service and will fully vest in the event of a change in control of the company.
Additionally, Furey will receive an annual cash retainer of $50,000 for his service on the Board and an additional $7,500 for his work on the Compensation Committee. Vaxcyte also entered into a standard indemnification agreement with Furey.
In other recent news, Cathie Wood's ARK ETF made significant transactions in several sectors. The fund's most substantial purchase was of PagerDuty (NYSE:PD) Inc, buying a total of 77,959 shares across its ARKK and ARKW ETFs, for a dollar value of $1,623,106. This move highlights ARK's ongoing bullish sentiment on the cloud computing company.
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InvestingPro Insights
As Vaxcyte, Inc. (NASDAQ:PCVX) welcomes John P. Furey to its Board of Directors, investors may be interested in the company's financial health and market performance. With a market capitalization of $8.27 billion, Vaxcyte holds more cash than debt on its balance sheet, which could be a sign of financial stability. Yet, it's important to note that the company has been grappling with weak gross profit margins and is not expected to be profitable this year, according to analysts.
On the positive side, Vaxcyte has demonstrated a high return over the last year, with a 54.06% price total return. Additionally, the company's liquid assets exceed its short-term obligations, which suggests it has the liquidity to meet its immediate financial needs. Despite not paying dividends, Vaxcyte's strong performance in the market is reflected in its significant price total return over the last three, six, and twelve months.
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