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On Friday, H.C. Wainwright maintained a Buy rating and a $14.00 price target on shares of Evaxion Biotech (NASDAQ:EVAX). This follows the presentation of positive one-year follow-up data from a Phase 2 study of their cancer vaccine candidate, EVX-01, in combination with pembrolizumab for treating unresectable/metastatic melanoma. The study results were shared at the 2024 annual Congress of European Society for Medical Oncology (ESMO) on September 16.
The data revealed an objective response rate (ORR) of 69% and demonstrated a favorable safety and tolerability profile for the combination therapy. The firm highlighted the significance of the finding that 79% of the neoantigens, identified by Evaxion's PIONEER AI model and encoded into EVX-01, elicited an immunogenic response. The firm noted this as an unprecedented achievement in the neoantigen cancer vaccine space.
The PIONEER AI platform's ability to pinpoint clinically relevant neoantigen targets for cancer treatment has been strongly validated by these recent clinical results, according to H.C. Wainwright. The firm expressed optimism about the potential for partnership opportunities for both the PIONEER platform and EVX-01, based on the clinical validation of the AI model.
H.C. Wainwright reiterated its Buy rating and $14 price target on Evaxion Biotech, reflecting confidence in the company's technology and the future prospects of its cancer vaccine candidate. The firm's stance remains unchanged following the latest data update from the ongoing clinical study.
In other recent news, Evaxion Biotech has made significant strides in vaccine development and clinical trials. The company has launched an updated version of its artificial intelligence (AI) platform, EDEN™ 5.0, to expedite the development of effective bacterial vaccines. Evaxion also reported promising results from its phase 2 trial of EVX-01, a personalized cancer vaccine, showing a 69% overall response rate in patients with advanced melanoma.
The company's AI-Immunology™ platform, used in the design of EVX-01, showcased a strong predictive capability, suggesting a significant advancement in cancer treatment. Furthermore, Evaxion reported breakthrough pre-clinical results for its EVX-B2 mRNA vaccine candidate targeting gonorrhea, demonstrating the versatility of its AI-Immunology™ platform.
Financially, Evaxion expects to generate $14 million in business development income, with current cash reserves anticipated to fund operations until early 2025. The company introduced Mads Kronborg as the new VP of Investor Relations and Communication, indicating a focus on multi-partner collaborations and key milestones.
InvestingPro Insights
Following the positive clinical trial results for Evaxion Biotech's EVX-01, investors may be keen to understand the company's financial health and market performance. According to InvestingPro data, Evaxion Biotech has a market capitalization of $17.56 million and a high Price / Book ratio of 14.02 as of Q2 2024, indicating that the stock might be trading at a premium compared to its book value. Despite the promising trial results, the company is not expected to be profitable this year, as reflected in a negative P/E ratio of -0.84, and analysts note that Evaxion is quickly burning through cash.
Nevertheless, the company's liquid assets exceed short-term obligations, which could provide some financial stability in the near term. One of the InvestingPro Tips highlights that the stock price often moves in the opposite direction of the market, which could be a consideration for investors looking for non-correlated assets. For those seeking a more comprehensive analysis, there are additional tips available on InvestingPro, including insights on valuation multiples and stock performance trends over recent months.
As the company continues to advance its clinical programs, potential investors can access more InvestingPro Tips for Evaxion Biotech at https://www.investing.com/pro/EVAX to stay informed on the latest financial metrics and analyst expectations.
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