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Investing.com - H.C. Wainwright has maintained its Buy rating and $16.00 price target on Evaxion Biotech (NASDAQ:EVAX), currently trading at $6.79, following the company’s presentation of two-year follow-up data from its ongoing Phase 2 study. According to InvestingPro data, analysts maintain a Strong Buy consensus with price targets ranging from $11.00 to $19.75.
The data, presented on October 17 at the 2025 annual Congress of European Society for Medical Oncology (ESMO), evaluated EVX-01 in combination with pembrolizumab in first-line unresectable/metastatic melanoma patients.
The latest results showed an improved overall response rate of 75%, up from 69% reported at the ESMO 2024 data update, while maintaining a favorable safety profile for the combination therapy.
The research firm noted that 81% of neoantigens identified by Evaxion’s PIONEER model and encoded into EVX-01 elicited an immunogenic response, slightly higher than the 79% reported in last year’s update.
The durability of the treatment was highlighted by 92% of responders maintaining their response at the 24-month time point, which H.C. Wainwright described as "unprecedented by any other player" in the field of neoantigen cancer vaccines. For deeper insights into EVAX’s valuation and growth potential, including 10+ additional ProTips and comprehensive financial analysis, visit InvestingPro.
In other recent news, Evaxion A/S announced a significant increase in share capital through the sale of 1,018,000 American Depositary Shares, raising approximately $4.3 million. This transaction resulted in a share capital increase registered with the Danish Business Authority. Additionally, the company reported promising results from its phase 2 clinical trial of the personalized cancer vaccine EVX-01, which showed a 75% objective response rate in advanced melanoma patients. Evaxion plans to present detailed two-year data from this trial at the upcoming European Society for Medical Oncology Congress.
The company also launched a new automated vaccine design module for its AI-Immunology™ platform, aiming to expedite vaccine development. In another development, H.C. Wainwright raised its price target for Evaxion to $16, maintaining a Buy rating, following Merck’s decision to in-license one of Evaxion’s vaccine candidates. Merck has chosen to in-license EVX-B3 and extended the review period for another vaccine candidate, EVX-B2. These developments highlight Evaxion’s ongoing efforts in advancing its vaccine technologies and collaborations.
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