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Investing.com - H.C. Wainwright has reiterated its Buy rating and $7.00 price target on Anixa Biosciences (NASDAQ:ANIX), a $97 million market cap biotech company, following the company’s announcement of completed dosing in the fourth cohort of its Phase 1 CAR-T therapy trial for recurrent ovarian cancer. According to InvestingPro data, analyst targets range from $7 to $10, suggesting significant upside potential from the current $3.02 trading price.
The fourth cohort received 3x106 cells/kg of body weight, with no dose-limiting toxicities reported to date. This continues the safety profile seen in earlier cohorts of the study, which is being conducted in partnership with Moffitt Cancer Center. The company maintains a strong financial position to support its clinical trials, with InvestingPro data showing a healthy current ratio of 8.89 and more cash than debt on its balance sheet.
Several treated patients have survived beyond disease-specific median survival benchmarks, with one patient from the first cohort (1x105 cells/kg) remaining alive 28 months after treatment.
Management plans to begin the fifth cohort, which will receive 1x107 cells/kg, following a standard 30-day safety verification period to confirm no adverse effects in the fourth cohort.
The company may continue to increase dosage in subsequent cohorts if no dose-limiting toxicities are observed, according to H.C. Wainwright.
In other recent news, Anixa Biosciences, Inc. has completed dosing the fourth cohort in its Phase 1 clinical trial for a novel CAR-T therapy targeting recurrent ovarian cancer. The trial, which involves a significantly higher dose compared to the initial cohort, reported no severe adverse effects. Additionally, Anixa has made strides in securing intellectual property rights for its technologies. The company received a Notice of Allowance from the Chinese National Intellectual Property Administration for its breast cancer vaccine, marking its first patent in China. This patent, licensed from Cleveland Clinic, offers protection until the 2040s. Furthermore, Anixa announced the issuance of a U.S. patent for its CAR-T technology, extending its protection until 2045. The technology is being evaluated in a clinical trial for ovarian cancer. Anixa also secured a Canadian patent allowance for its breast cancer vaccine, enhancing its international intellectual property portfolio.
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