On June 11, Vaxart(NASDAQ:VXRT) stock skyrocketed 22% after Piper Sandler analyst Yasmeen Rahimi initiated coverage of the company with a price target of $18. That represents an upside of 151% from that day's open.

In setting the price target, the analyst cited the validation of the company's novel adenoviral platform, Ad5, in 200 clinical studies. Vaxart is using the technology to develop a novel, pill-based oral coronavirus vaccine candidate. According to the analyst, five clinical datasets (not just for the coronavirus indication) involving 580 healthy volunteers support the safety and efficacy of Ad5, leading to "potent" and "safe" drug candidates with a "high chance of success." Is now the time to buy Vaxart? 

The problem is that investing in Vaxart's technology is anything but safe. Back in February, Vaxart stock plunged nearly 70% in a single day after phase 1 study results revealed the company's oral coronavirus vaccine candidate did not induce neutralizing antibodies in volunteers after the first dose.

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