Barclays analyst Jonathan Eckard has boosted the price target for shares of Advaxis, Inc. (NASDAQ:ADXS), from $15 to $20, while reiterating a Buy rating, after the drug maker announced a global development and commercialization partnership with Amgen (NASDAQ:AMGN) for ADXS-Neo, the first immunotherapy candidate leveraging My Immunotherapy Neo-Epitopes (MINE) technology as a customized cancer treatment with promising implications across several cancers.

The analyst believes this could be the beginning of a bolstered union, as Amgen provides support for Advaxis’ striking platform for immune oncology and vaccines. Where once hiccups took away from its immense value, Eckard sees renewed and well-deserved regained recognition. As data comes through from a series of combination cancer trials with two PD-1/PD-L1 agents (MRK/AZN), Eckard spots even further opportunities to explore ADXS technology and its rising value. As such, even though Neoepitopes is early in its stages, the analyst remains bullish on its prospects looking into the future, as it leverages past Advasix LM Technology successes.

Ultimately, Eckard is a believer that ADXS technology has been underestimated and overlooked until this game-changing deal. The analyst notes, “ADXS technology has proven to strongly engage patient immune system and has the versatility to engineer in whatever cancer antigen you wish to target. On top of that, ADXS’s technology has also shown to alter the tumor microenvironment to favor the immune system to attack the tumor. We expect the aforementioned data could further support this and which could be that “eureka!” moment for the Street.” All eyes are now on Advaxis and this Amgen merger, which for Eckard, could be the key to unlocking true clinical and commercial potential.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, Jonathan Eckard is a one-star rated analyst and has an average loss of 3.9% in his yearly returns with a 30% success rate. Eckard is ranked #3,399 out of 4,083 analysts.

TipRanks analytics exhibit ADXS is a Strong Buy. In the last 3 months, 4 analysts polled have all rated Buy. The consensus price target stands at $22.50, marking a 64% upside from current prices.

Recommended Article: H.C. Wainwright Weighs in on Advaxis Following Commercial Deal with Amgen