Soumit Roy, an analyst from JonesTrading, has initiated a new Buy rating on Evaxion Biotech (EVAX).
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Soumit Roy’s rating is based on Evaxion Biotech’s innovative approach utilizing an AI-driven platform for vaccine discovery, which is seen as a significant advancement in the field. The company has demonstrated promising results, particularly with its Phase 2 melanoma study, indicating a durable clinical benefit and sustained immune response. Additionally, the partnership with Merck, which includes a substantial cash payment and potential milestone payments, further validates Evaxion’s business model and potential for future growth.
Another factor influencing the Buy rating is the strategic focus on developing vaccines in oncology and infectious diseases, with plans to partner or out-license these assets for further development. The anticipated strategic partnerships, particularly for the personalized cancer vaccine EVX-01, and upcoming catalysts in 2026, such as Merck’s decision on in-licensing another vaccine, are expected to drive the company’s valuation and growth prospects. These elements collectively support the Buy rating and the price target of $10.
In another report released on October 27, Lake Street also reiterated a Buy rating on the stock with a $11.00 price target.