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On Wednesday, H.C. Wainwright reiterated its Buy rating and $7.00 price target for Anixa Biosciences (NASDAQ: NASDAQ:ANIX), representing a significant upside from the current trading price of $2.82. The stock, which has gained over 21% year-to-date according to InvestingPro data, received this update following the completion of enrollment in a Phase 1 trial for the company’s breast cancer vaccine, developed in collaboration with Cleveland Clinic. This trial is backed by funding from the U.S. Department of Defense.
The trial involved 35 women across three different cohorts. The first group consisted of 26 women who had completed treatment for triple-negative breast cancer (TNBC) and are currently cancer-free but at risk of recurrence. The second group included four women who are cancer-free but carry genetic mutations that increase their risk of developing breast cancer, leading them to opt for preventative mastectomy. The third group comprised five women receiving pembrolizumab in a post-operative setting and concurrently receiving the vaccine. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 8.89, providing adequate resources for trial completion.
Management anticipates final patient visits to occur in August 2025. Following this, Anixa Biosciences plans to submit the final study report to the Department of Defense and a clinical study report to the FDA.
Preliminary data from the trial show promising results, with over 70% of patients demonstrating a protocol-defined immune response. The company is looking forward to the upcoming data readout, which supports the reiterated Buy rating and price target by H.C. Wainwright.
In other recent news, Anixa Biosciences has announced significant advancements in its intellectual property portfolio with the granting of a Notice of Allowance for patents related to both breast and ovarian cancer vaccine technologies by the United States Patent and Trademark Office. The breast cancer vaccine patent involves a method using the human α-lactalbumin protein, which could be instrumental in preventing certain breast cancers. Similarly, the ovarian cancer vaccine patent covers methods to stimulate an immune response against the Anti-Mullerian Hormone Receptor, Type II (AMHR2), a target for ovarian cancer prevention and treatment. These patents, developed in collaboration with Cleveland Clinic and the National Cancer Institute, are expected to strengthen Anixa’s position in the biotechnology sector. H.C. Wainwright has maintained a Buy rating for Anixa Biosciences, with a $7 price target, reflecting confidence in the company’s potential, especially in cancer vaccine development. Dr. Amit Kumar, Chairman and CEO of Anixa, emphasized the importance of these patents in bolstering the company’s intellectual property and supporting ongoing vaccine development efforts. The company continues to work on a range of cancer vaccines targeting various malignancies, including lung, colon, and prostate cancers. Anixa’s business model of partnering with prominent research institutions remains central to its strategy for exploring and commercializing emerging technologies.
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