Why is the Evaxion Biotech (EVAX) stock rising today?

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Why is the Evaxion Biotech (EVAX) stock rising today?

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 Why is the Evaxion Biotech (EVAX) stock rising today?
Image source: © Seemitch | Megapixl.com

Highlights:

  • The EVAX stock jumped more than 55 per cent on September 21.
  • The company said that it reached an important milestone for its personalized cancer treatment.
  • Its trading volume was more than 27 million on Wednesday morning.

The stocks of Evaxion Biotech A/S (NASDAQ: EVAX) were among the top movers in the morning trading session on Wednesday, September 21, as seen by the jump in its price. The price of the EVAX stock traded more than 55 per cent higher in the morning trading on September 21.

So, what could be the probable reason that may have bolstered the recent gains in EVAX stock? Let's explore the recent developments of Evaxion Biotech with Kalkine Media®:

Why is EVAX stock rising?

Evaxion Biotech is a clinical-stage biotechnology firm that focuses on developing immunotherapies powered by artificial intelligence (AI). The rally in the company's stock follows its announcement on September 21 that it had achieved a "milestone" for its EVX-01 personalized cancer treatment.

Meanwhile, the company mentined that it had enrolled its first patient in the phase 2b clinical trial of the treatment. Notably, EVX-01 is a personalized cancer therapy of the biotech firm that aid in treating melanoma.

The company said that in its first phase 2b clinical trial, it is studying the efficiency and safety measures of the therapy in adult patients having metastatic melanoma. The trial is being held on a global scale at clinical sites, which include the United States, Europe, and Australia.

Evaxion Biotech is conducting the trials in collaboration with the leading healthcare firm, Merck & Co, Inc. (NYSE: MRK). Notably, Merck & Co. is helping in the trial through the supply of its PD-1 inhibitor, KEYTRUDA.

The patients who volunteered in the clinical trial would get "standard of care treatment" with the PD-1 inhibitor of Merck along with the personalized cancer therapy of Evaxion.

The clinical-stage biotech company said that it would supervise the trial while Merck would be supplying its required PD-1 inhibitor. Subsequently, the companies would advance in collaborating as the clinical trial data gets mature.

Evaxion Biotech (EVAX) stock Q2 FY22 earnings highlightsSource: ©Kalkine Media®; © Canva via Canva.com

Bottom line:

The price of the EVAX stock advanced 55.33 per cent to trade at US$ 3.1688 at 10:07 am ET on September 21, after closing at US$ 1.9 in the prior session. At the time of drafting, more than 27.15 million shares of the EVAX stock have exchanged hands.

At its current trading price, Evaxion Biotech had a market cap of over US$ 77.10 million. Comparing its five-day volume with the last 30 days, the EVAX stock saw a decline of about 67 per cent.

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