On Monday, H.C. Wainwright adjusted its outlook on Anixa Biosciences (NASDAQ:) shares, lowering the 12-month price goal to $7.00 from the earlier $12.00, whereas persevering with to endorse the inventory with a Purchase ranking. The agency based mostly its revised price goal on a current monetary report and a brand new partnership targeted on most cancers vaccine growth.
Anixa Biosciences disclosed its monetary outcomes for the second fiscal quarter of 2024 ending April 30, with a internet lack of $3.1 million, or ($0.10) per share. This determine got here in beneath the anticipated lack of $3.5 million.
As of the tip of April, Anixa had a reserve of $23.2 million in money and short-term investments. The money movement from operations throughout this era was detrimental $1.5 million.
The corporate’s monetary place suggests it may keep operations for over two years with out further funding. Within the earlier month, Anixa entered right into a collaborative settlement with Cleveland Clinic to develop new vaccines concentrating on varied varieties of most cancers, together with potential therapies for lung, colon, and prostate cancers.
At present, Anixa is engaged on vaccines for triple-negative breast most cancers (TNBC) and ovarian most cancers. These developments have prompted H.C. Wainwright to regulate its future income projections for Anixa.
The agency’s up to date estimated market worth for Anixa Biosciences stands at $230 million. With an anticipated share depend of 33.3 million by the tip of July 2025, the valuation per share could be roughly $7.
The analyst’s reiteration of the Purchase ranking, regardless of the lowered price goal, displays confidence in Anixa Biosciences’ continued progress and potential within the subject of most cancers vaccine research and growth.
In different current information, Anixa Biosciences has been making strides in most cancers remedy and prevention. The corporate just lately started treating the fifth affected person in its Section 1 scientific trial for a novel CAR-T remedy for ovarian most cancers, carried out in collaboration with Moffitt Most cancers Heart. The remedy, which targets the follicle-stimulating hormone receptor (FSHR) on ovarian cells, is reported to be secure and well-tolerated.
In partnership with Cleveland Clinic, Anixa can also be creating new vaccines for varied varieties of most cancers. This collaboration builds on ongoing scientific trials for a vaccine in opposition to triple-negative breast most cancers and pre-clinical work on an ovarian most cancers vaccine. The vaccines give attention to inducing an immune response in opposition to “retired” proteins present in sure cancers.
Additional increasing its staff, Anixa has added Dr. Sanjay Juneja, a famend medical oncologist, to its Most cancers Enterprise Advisory Board. Recognized for his media model ‘TheOncDoc,’ Dr. Juneja’s appointment is anticipated to extend consciousness and recruitment for Anixa’s scientific trials.
These developments mirror Anixa’s dedication to creating efficient therapies for most cancers via collaborations with research establishments and strategic appointments to its advisory board.
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