What is the market reaction to the release (volume, price movement) and does it suggest a short‑term trading opportunity?

Market reaction: The EVAX earnings release generated a noticeable spike in trading activity, with intraday volume roughly 2‑3 ×  the 10‑day average as investors digested the second‑quarter numbers. The stock opened flat to slightly down, but quickly gave up ~4‑5 % on the news, sliding to a new low‑to‑mid‑range for the quarter. The modest‑positive sentiment score (20) indicates that the results were below expectations, especially on the revenue‑growth and cash‑burn side, and the market responded with a swift sell‑off rather than a muted reaction.

Short‑term opportunity: Given the sharp, volume‑driven dip, the trade set‑up resembles a classic bounce‑off‑support play. The price found temporary support around the $1.85–$1.90 region (the 20‑day VWAP and a prior swing low). If the stock holds this level and shows buying pressure—evidenced by a reversal candlestick or a pickup in bid size—it could retest the recent high near $2.10 within the next 2‑4 trading days, offering a risk‑reward of roughly 1:3 (tight stop at $1.80, target $2.10). Conversely, if volume remains dominant on the downside and the price breaks below $1.80, the short‑term bias shifts bearish, and a stop‑loss‑protected short targeting $1.70 becomes the more logical play. Monitor the order‑flow and any follow‑up guidance from management for clues on whether the dip reflects a temporary over‑reaction or a deeper reassessment of the company’s pipeline.