Evaxion Biotech AS (EVAX) stock has reached a new 52-week low, touching down at $3.06, with InvestingPro data showing the stock's RSI indicating oversold territory. The company faces a challenging period marked by a significant downturn in its market valuation, despite analyst price targets ranging from $35 to $70. Over the past year, Evaxion Biotech, a clinical-stage biotechnology company, has seen its stock price plummet, with a staggering 1-year change of -91.34%. This sharp decline reflects investor concerns and the broader market trends affecting biotech firms. The company, which specializes in the discovery and development of immunotherapies, is navigating through a tough phase as it strives to advance its pipeline products and regain investor confidence. InvestingPro analysis reveals the company maintains a positive cash position relative to debt, though it's experiencing rapid cash burn. With an overall Financial Health Score of 1.63 (labeled as 'WEAK'), investors seeking deeper insights can access 13 additional ProTips and comprehensive analysis through InvestingPro's detailed research reports.
In other recent news, Evaxion Biotech has achieved preclinical success with its AI cancer vaccine, developed using its proprietary AI-Immunology™ platform. The vaccine targets non-conventional endogenous retrovirus (ERV) tumor antigens, potentially broadening the applicability of cancer vaccines. The company plans to select a lead ERV precision vaccine candidate in the second half of 2025.
In the backdrop of these developments, Evaxion is facing a delisting determination from Nasdaq for not meeting the required shareholder equity. The company has appealed the decision and is seeking an additional 180-day period to comply with the equity standards.
Furthermore, Evaxion has entered a licensing agreement with pharmaceutical giant Merck (NS:PROR) for the development of two preclinical vaccine candidates, EVX-B2 and EVX-B3, which could bring in up to $1.2 billion in milestone payments. H.C. Wainwright has maintained a Buy rating for Evaxion following these developments. The company expects to generate $14 million in business development income, and current cash reserves are anticipated to fund operations until early 2025. These are the recent developments in the company's ongoing operations.
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