Home  »  Rating Indicators   »  What Caused Evaxion (EVAX) Stock to Drop Nearly 8%...

What Caused Evaxion (EVAX) Stock to Drop Nearly 8% Pre-Market?

After gaining momentum in the last session for reaching a milestone, Evaxion Biotech A/S shares (Nasdaq: EVAX) were down -8.15% at $2.14 at pre-market. In the last session, EVAX closed at $2.33, up 22.63% or $0.43, fluctuating between $2.15 and $3.5199.

Top 5 EV Tech Stocks to Buy for 2023

The electric vehicle boom is accelerating – and fast. According a new report published by BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now. Get our free report, "Top 5 EV Tech Stocks to Buy for 2023".

Click Here to Download the FREE Report.


EVAX has achieved what milestone?

Today, Evaxion (EVAX) announced that the Company had enrolled its first patient in a global phase 2b clinical trial of its custom-made melanoma treatment, EVX-01.

  • EVAX is testing EVX-01’s efficacy and safety in adults with metastatic melanoma in its first phase 2b clinical trial.
  • Trial sites are spread across the US, Europe, and Australia in collaboration with Merck & Co., Inc., which is providing KEYTRUDA, a PD-1 inhibitor.
  • KEYTRUDA and EVX-01 will be administered to patients enrolled in the phase 2b clinical trial in combination with standard of care treatment.
  • Merck will supply the required KEYTRUDA and Evaxion will conduct the trial.
  • Merck and Evaxion will continue to collaborate as the data matures.

How did EVAX’s trial turn out?

  • EVX-01 is new personalized cancer immunotherapy developed by Evaxion using its PIONEER AI technology.
  • According to data from EVX-01’s Phase 1/2a clinical trial, 67% of nine patients with metastatic melanoma benefited from EVX-01 in combination with PD-1 inhibitors (KEYTRUDA), in contrast to historical data of only 40% benefiting from PD-1 inhibitors alone.
  • EVX-01 in combination with a PD-1 inhibitor (KEYTRUDA) achieved a complete response in 22% of the Phase 1/2a clinical trial patients.
  • Clinical trial Phase 2b of EVAX has now enrolled its first patient.

How EVAX will be benefitted?

Advancing EVX-01 into the next phase of clinical development will help EVAX develop more effective treatments for malignant melanoma patients. As part of the phase 2b trial, Evaxion is addressing a major unmet medical need in a market worth more than a billion dollars. With Merck collaborators, Evaxion (EVAX) will further validate the promising melanoma data generated in its phase 1/2a study, which may lead to melanoma treatment landscape improvements, as well as other cancer treatments. It is anticipated that EVAX will release interim topline data in H2 of 2023.

Leave a Comment

Your email address will not be published. Required fields are marked *