Evaxion Biotech initiated with a Buy at H.C. Wainwright

H.C. Wainwright initiated coverage of Evaxion Biotech (EVAX) with a Buy rating and $14 price target. Evaxion is a techbio company using artificial intelligence to develop immunotherapies against cancer and infectious diseases, the analyst tells investors in a research note. The firm believes Merck’s (MRK) participation in Evaxion’s two recent equity offerings underlies the strong potential of the company’s AI platform. It thinks Evaxion at its current valuation of $19M is undervalued and could be an attractive opportunity for a long term investor.