Vaxcyte CEO Grant Pickering Exercises Options and Sells Shares

What Happened Grant Pickering, CEO of Vaxcyte (PCVX), exercised 16,198 stock options at $2.03 per share (cost ~$32,882) on July 27, 2026 and sold a total of 18,198 shares in multiple open‑market transactions that day for aggregate proceeds of approximately $1,012,374. The filing also reports a derivative line (16,198 shares at $0.00) associated with the exercise/settlement. The sales were executed under a pre-established Rule 10b5‑1 trading plan.

Key Details

• Transaction date: July 27, 2026; Form filed July 28, 2026 (timely filing).
• Option exercise: 16,198 shares at $2.03 each (total cost reported $32,882); option fully vested (F10).
• Sales: multiple open-market disposals totaling 18,198 shares for roughly $1,012,374 in proceeds. Reported weighted-average sale prices ~ $55.5; prices ranged roughly $54.77–$56.18 across lots (see weighted‑average footnotes F3–F9).
• Sales executed pursuant to a Rule 10b5‑1 plan adopted March 3, 2026 (F2).
• Additional notes: filing references 781 ESPP shares acquired May 15, 2026 (F1) and indicates certain shares are held in trusts for the reporting person’s children (F6, F8).
• Shares owned after the transactions are not specified in the provided excerpt.

Context

• This was an exercise of vested options followed by immediate sales — effectively a cashless exercise where newly acquired shares (and possibly other holdings) were sold to generate proceeds. The presence of a 10b5‑1 plan indicates the sales were made according to a pre‑arranged schedule rather than ad hoc market timing.
• For retail investors: purchases (buys) can signal insider confidence more than routine sales; sales under 10b5‑1 plans are common for liquidity or tax purposes and do not necessarily indicate a change in view on company prospects.