Lake Street lowered the firm’s price target on Evaxion Biotech (EVAX) to $6 from $35 and keeps a Buy rating on the shares after the company closed a 4M ADS offering at $2.71 and also issued 2M warrants at $2.71. Management expects net proceeds from the offering will extend the cash runway into mid-2026, beyond the anticipated Merck (MRK) milestone payments, the analyst noted. Given that Merck participated in the fundraising, “it stands to reason investors should feel more confident about the possibility of Merck pulling the trigger on either or both EVX-B2 and EVX-B3,” the analyst tells investors.
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