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Investing.com - H.C. Wainwright raised its price target on Evaxion Biotech (NASDAQ:EVAX) to $16.00 from $14.00 on Friday, while maintaining a Buy rating following Merck’s decision to exercise its option to in-license one of Evaxion’s vaccine candidates. The stock has already shown strong momentum, surging nearly 47% in the past week. According to InvestingPro data, analyst targets range from $6.00 to $19.75, suggesting significant potential upside.
Merck has opted to in-license EVX-B3, Evaxion’s discovery-stage vaccine candidate targeting an undisclosed bacterial pathogen. The pharmaceutical giant has also extended its review period for EVX-B2, a preclinical-stage protein-based vaccine against N. gonorrhoeae, until the first half of 2026.
The deal extends Evaxion’s cash runway to the first half of 2027, providing funding through several milestones across its infectious disease and oncology programs, according to H.C. Wainwright.
The research firm views Merck’s decision to extend and expand its review of the EVX-B2 program as strengthening the likelihood that Merck could choose to in-license that program in the first half of 2026.
This represents the second deal expansion with Merck, which already owns approximately 20% of Evaxion, further validating Evaxion’s AI-Immunology target discovery platform, H.C. Wainwright noted in its analysis.
In other recent news, Evaxion Biotech announced that MSD, known as Merck & Co. in the United States, has exercised its option to license Evaxion’s preclinical vaccine candidate, EVX-B3. This agreement brings an immediate cash payment of $7.5 million to Evaxion, with the potential for up to $592 million in future development, regulatory, and sales milestone payments, plus royalties on net sales. MSD will take full responsibility for the further development of this vaccine candidate. Additionally, Evaxion Biotech reported its Q2 2025 earnings, highlighting strategic developments and financial updates. During the earnings call, the company emphasized its extended cash runway and advancements in its research and development pipeline. Despite a decrease in stock price, Evaxion remains focused on innovative vaccine development. These recent developments underline Evaxion’s ongoing strategic efforts and financial movements.
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