Analyst Swayampakula Ramakanth from H.C. Wainwright maintained a Buy rating on Evaxion Biotech and keeping the price target at $14.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Swayampakula Ramakanth’s rating is based on several promising developments at Evaxion Biotech. The upcoming presentation at the European Society for Medical Oncology (ESMO) is expected to provide significant visibility to Evaxion’s platform, particularly with the 2-year data from their Phase 2 study for advanced melanoma. This study, conducted in collaboration with Merck, involves the combination of EVX-01 with pembrolizumab, which has previously shown improved efficacy outcomes. The timing of this presentation coincides with Merck’s potential decision to license additional AI-discovered assets from Evaxion, which could be a major turning point for the company.
Financially, Evaxion has reported a strengthened balance sheet, with a recent conversion of part of a loan into equity and the potential to receive up to $10 million from Merck if the option is exercised. This financial stability, coupled with a risk-adjusted net present value analysis projecting future revenues from their pipeline and partnerships, supports the Buy rating. The 12-month price target of $14 per ADS reflects these positive prospects, although risks such as partnership, technology, and regulatory challenges remain.
According to TipRanks, Ramakanth is a 4-star analyst with an average return of 8.7% and a 40.00% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Unicycive Therapeutics, Corcept Therapeutics, and Mediwound.