EVAX - This AI-enabled biotech stock nearly doubled on Wednesday: here's why
2024-01-24 09:58:11 ET
Evaxion Biotech (NASDAQ: EVAX) opened nearly 100% up on Wednesday after announcing an “expanded commitment” to developing novel cancer vaccines.
Evaxion Biotech stock is rallying today
The tailored vaccines will tap on artificial intelligence to identify tumour antigens known broadly as Endogenous Retroviruses (ERVs).
Such an AI-Immunology™ powered discovery of novel therapeutics targets will make it feasible to design “personalised and precision solutions or patients in need”, as per a press release on Wednesday.
Last month, Evaxion Biotech said it did not generate any revenue and lost 21 cents a share in its third financial quarter. Analysts, in comparison, had called for a narrower 19 cents per share loss.
Despite the sharp surge this morning, Evaxion stock is still down more than 15% versus its high in early November.
ERV cancer vaccines are attracting demand
Evaxion Biotech expects its new vaccine concept to particularly help “patients who are unresponsive to cancer immunotherapy”.
Note that the biotech firm based out of Denmark has already started preclinical activities and expects “Proof-of-Concept” data in the back half of this year.
Birgitte Rono – the chief scientific officer of Evaxion Biotech dubbed the ERV cancer vaccine a meaningful step forward in “improving healthcare through AI-powered approaches”, in a press release on Wednesday.
He also confirmed that signs of significant demand for these novel vaccines are already evident. Wall Street currently has a consensus “overweight” rating on Evaxion stock that doesn’t pay a dividend at writing.
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