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Evaxion Biotech AS (EVAX), a clinical-stage biotechnology company, has seen its stock price touch a 52-week low, reaching $1.79 USD. According to InvestingPro data, the company maintains a "Weak" overall financial health score of 1.64 out of 10, though it holds more cash than debt on its balance sheet. This latest price level reflects a significant downturn for the company, which has experienced a staggering 1-year change with a decline of -88.01%. Investors have been closely monitoring Evaxion’s performance, as the company navigates through the volatile biotech sector, which has been fraught with regulatory hurdles and competitive pressures. While analysts project nearly 50% revenue growth for FY2024, the company is rapidly burning through cash, with negative free cash flow of $15.45 million in the last twelve months. The 52-week low serves as a critical indicator of the market’s current valuation of Evaxion’s potential to successfully bring its immunotherapeutic products to market and achieve profitability. For deeper insights and 17 additional ProTips about EVAX, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Evaxion Biotech has confirmed its compliance with Nasdaq’s stockholders’ equity requirements, securing its listing on the exchange. The company raised $10.8 million through a public offering and approximately $7.6 million from prefunded warrants and American Depositary Shares sales, extending its financial runway to mid-2026. Additionally, Evaxion anticipates strengthening its equity with a planned conversion of a €3.5 million loan from the European Investment Bank into equity in early 2025. H.C. Wainwright has maintained a Buy rating for Evaxion, with a $14 price target, after the successful public offering and Merck (NSE:PROR)’s increased investment in the company. Merck’s participation raised its stake in Evaxion from around 7% to nearly 20%, viewed as a positive endorsement of Evaxion’s AI-driven models. The company has also achieved preclinical success with its AI-designed cancer vaccine, demonstrating promising results in both human immune cells and mouse models. Evaxion plans to select a lead ERV vaccine candidate in the second half of 2025, focusing on the potential of ERVs as therapeutic targets. These developments reflect Evaxion’s continued progress in advancing its pipeline and strategic goals.
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