Lake Street Raises Evaxion (EVAX) PT to $11 Following Positive Two-Year EVX-01 Melanoma Data

Evaxion (NASDAQ:EVAX) is one of the hot stocks to buy with huge upside potential. On October 20, Lake Street analyst Thomas Flaten raised the firm’s price target on Evaxion Biotech to $11 from $6 and kept a Buy rating on the shares. This sentiment was announced after the company announced two-year Phase 2 data for its personalized cancer vaccine, EVX-01, in advanced melanoma.

EVX-01 is a personalized peptide-based cancer vaccine for first-line treatment of multiple advanced solid cancers and is Evaxion’s lead clinical asset. Flaten informed investors that the two-year data for EVX-01 and Merck & Co. Inc.’s (NYSE:MRK) option exercise for EVX-B3 both serve to further validate Evaxion’s platform.

Evaxion (NASDAQ:EVAX) is a clinical-stage biotech company that develops AI-powered immunology vaccines. It was formerly known as Evaxion Biotech and changed its name to Evaxion in May 2025.

Merck & Co. Inc. (NYSE:MRK) is a healthcare company that offers human health pharmaceuticals, veterinary pharmaceuticals, vaccines & health management solutions and services.

While we acknowledge the potential of EVAX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.