12 Hot Stocks to Buy with Huge Upside Potential

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5. Evaxion (NASDAQ:EVAX)

3-Month Performance as of October 22: 100.74%

Number of Hedge Fund Holders: 1

Average Upside Potential as of October 22: 148.62%

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.

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