The data showed an objective response rate (ORR) of 69% and demonstrated a favorable safety and tolerability profile of the combination therapy. The company emphasized the importance of the finding that 79% of the neoantigens identified by Evaxion’s PIONEER AI model and encoded in EVX-01 elicited an immunogenic response. The company called this an unprecedented achievement in the neoantigen cancer vaccine space.
According to HC Wainwright, these recent clinical results have confirmed the ability of the PIONEER AI platform to identify clinically relevant neoantigen targets in cancer therapy. The company expressed optimism about partnership opportunities for both the PIONEER platform and EVX-01 based on clinical validation of the AI model.
HC Wainwright reiterated its buy rating and $14 price target on Evaxion Biotech, reflecting confidence in the company’s technology and prospects for its cancer vaccine candidate. The company’s position remains unchanged following the latest data update from an ongoing clinical trial.
In other recent news, Evaxion Biotech has made significant progress in vaccine development and clinical trials. The company has released an updated version of its AI platform, EDEN™ 5.0, to accelerate the development of effective bacterial vaccines. Evaxion also reported promising results from its Phase 2 study of EVX-01, a personalized cancer vaccine, with an overall response rate of 69% in patients with advanced melanoma.
The company’s AI-Immunology™ platform, which was used to design EVX-01, showed strong predictive power, indicating significant progress in cancer treatment. In addition, Evaxion reported breakthrough results for its EVX-B2 mRNA vaccine candidate for gonorrhea, demonstrating the versatility of its AI-Immunology™ platform.
Financially, Evaxion expects to receive a turnover of 14 million euros from business development, and the current cash resources are expected to finance operations until the beginning of 2025. The company introduced Mads Kronborg as its new head of investor relations and communications, demonstrating its focus on multi-partner collaboration and key milestones.
InvestingPro Insights
Following the positive results of Evaxion Biotech’s EVX-01 clinical trial, investors may be interested in the company’s financial condition and market development. According to InvestingPro data, Evaxion Biotech has a market cap of €16.22M and a high price-to-book ratio of 14.02 as of Q2 2024, suggesting that the stock can trade at book value. Despite promising research results, the company is not expected to be profitable this year, reflected by a negative P/E ratio of -0.84, and analysts note that Evaxion is quickly burning through its cash resources.
Nevertheless, the company’s liquid assets exceed current liabilities, which may provide some financial stability in the near future. One of the InvestingPro tips points out that the stock price often moves in the opposite direction to the market, which can be something worth noting for investors looking for uncorrelated assets. For those looking for more in-depth analysis, InvestingPro has additional tips, including insights into valuation layers and stock trends over the past few months.
As the company continues to advance its clinical programs, potential investors can read more InvestingPro tips for Evaxion Biotech at https://nl.investing.com/pro/EVAX to stay up to date with the latest financials and analyst forecasts.
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