On Monday, H.C. Wainwright adjusted its outlook on Anixa Biosciences (NASDAQ:ANIX) shares, reducing the 12-month price target to $7.00 from the previous $12.00, while continuing to endorse the stock with a Buy rating. The firm based its revised price target on a recent financial report and a new partnership focused on cancer vaccine development.
Anixa Biosciences disclosed its financial outcomes for the second fiscal quarter of 2024 ending April 30, with a net loss of $3.1 million, or ($0.10) per share. This figure came in below the anticipated loss of $3.5 million.
As of the end of April, Anixa had a reserve of $23.2 million in cash and short-term investments. The cash flow from operations during this period was negative $1.5 million.
The company's financial position suggests it could maintain operations for over two years without additional funding. In the previous month, Anixa entered into a collaborative agreement with Cleveland Clinic to develop new vaccines targeting various types of cancer, including potential treatments for lung, colon, and prostate cancers.
Currently, Anixa is working on vaccines for triple-negative breast cancer (TNBC) and ovarian cancer. These developments have prompted H.C. Wainwright to adjust its future revenue projections for Anixa.
The firm's updated estimated market value for Anixa Biosciences stands at $230 million. With an expected share count of 33.3 million by the end of July 2025, the valuation per share would be approximately $7.
The analyst's reiteration of the Buy rating, despite the lowered price target, reflects confidence in Anixa Biosciences' continued progress and potential in the field of cancer vaccine research and development.
In other recent news, Anixa Biosciences has been making strides in cancer treatment and prevention. The company recently began treating the fifth patient in its Phase 1 clinical trial for a novel CAR-T therapy for ovarian cancer, conducted in collaboration with Moffitt Cancer Center. The therapy, which targets the follicle-stimulating hormone receptor (FSHR) on ovarian cells, is reported to be safe and well-tolerated.
In partnership with Cleveland Clinic, Anixa is also developing new vaccines for various types of cancer. This collaboration builds on ongoing clinical trials for a vaccine against triple-negative breast cancer and pre-clinical work on an ovarian cancer vaccine. The vaccines focus on inducing an immune response against "retired" proteins found in certain cancers.
Further expanding its team, Anixa has added Dr. Sanjay Juneja, a renowned medical oncologist, to its Cancer Business Advisory Board. Known for his media brand 'TheOncDoc,' Dr. Juneja's appointment is expected to increase awareness and recruitment for Anixa's clinical trials.
These developments reflect Anixa's commitment to developing effective treatments for cancer through collaborations with research institutions and strategic appointments to its advisory board.
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