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In a turbulent market, Evaxion Biotech AS (EVAX) has seen its shares plummet to a 52-week low, touching down at $0.81. According to InvestingPro data, the company's market capitalization has contracted to just $5.28 million, while maintaining a beta of -0.22, indicating the stock often moves counter to broader market trends. This significant downturn in the stock's performance marks a stark contrast to its trading pattern over the past year, with the company's shares experiencing a precipitous drop of -87.98% from the previous year. Investors are closely monitoring Evaxion Biotech as it navigates through the challenges that have led to this low point, seeking signs of potential recovery or further decline in the biotechnology sector. While analysts project 65.7% revenue growth for the current year, InvestingPro analysis suggests the stock is currently undervalued, with 12 additional ProTips available to help investors make informed decisions about this volatile biotech player.
In other recent news, Evaxion Biotech A/S has made significant strides in its vaccine development. The company has achieved preclinical Proof-of-Concept for its novel precision cancer vaccine designed using its proprietary AI-Immunology™ platform. The vaccine targets non-conventional endogenous retrovirus (ERV) tumor antigens, potentially broadening the applicability of cancer vaccines.
In addition, Evaxion has entered a licensing agreement with Merck (NS:PROR) for the development of two preclinical vaccine candidates, EVX-B2 and EVX-B3. This deal could potentially generate up to $1.2 billion in milestone payments. H.C. Wainwright has maintained a Buy rating for Evaxion following these developments.
Furthermore, the company is appealing a delisting determination from Nasdaq for not meeting the required shareholder equity. Evaxion is actively seeking a 180-day extension to comply with the equity standards. Despite current challenges, analysts are projecting revenue growth of over 65% for the coming year.
Lastly, the company has introduced Mads Kronborg as the new VP of Investor Relations and Communication, indicating an emphasis on multi-partner collaborations and key milestones. These are the recent developments in Evaxion's ongoing operations.
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