H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on Evaxion Biotech today and set a price target of $16.00.
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Swayampakula Ramakanth’s rating is based on the promising data from Evaxion Biotech’s ongoing Phase 2 study of EVX-01, which is being tested in combination with pembrolizumab for the treatment of unresectable/metastatic melanoma. The two-year follow-up data demonstrated an improved overall response rate (ORR) of 75%, up from 69% in the previous year, showcasing the therapy’s efficacy and safety. The durability of the response was notable, with 92% of responders maintaining their response at the 24-month mark, which is unprecedented in the field of neoantigen cancer vaccines.
Additionally, the PIONEER AI model, which identifies clinically relevant neoantigen targets, showed an improved prediction accuracy of 81%, surpassing the typical immunogenicity rates of competitor vaccines. Despite a negative market reaction, possibly due to unmet investor expectations, the analyst sees the current stock weakness as a buying opportunity. The extension of the trial to include EVX-01 as a monotherapy and the potential for future partnerships further support the Buy rating, as these factors indicate a strong future potential for Evaxion’s platform and products.