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TICKERS: ANIX

California Biotech's Target Price 200% Higher Than Current
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F Hutton analyst Jason Kolbert gave Anixa Biosciences Inc. (ANIX: NASDAQ) a high target price after it had announced it would be amending the protocol for its ongoing CAR-T therapy clinical trial for ovarian cancer, allowing for a second dose in certain patients.

F Hutton analyst Jason Kolbert, in a research report published on September 30, 2024, maintained a Buy rating on Anixa Biosciences Inc. (ANIX: NASDAQ) with a price target of US$10.00. The report follows Anixa's announcement of an amendment to the protocol for its ongoing CAR-T therapy clinical trial for ovarian cancer, allowing for a second dose in certain patients.

Kolbert highlighted the significance of this development, quoting Dr. Robert Wenham, Chair of the Gynecologic Oncology Department at Moffitt and principal investigator: "In early Phase 1 trials, it's standard practice to start with low, often subtherapeutic cell doses to confirm safety before escalating the dose . . .  We hope that a second, higher dose could improve her overall response and outcome. Generally, we expect higher cell doses to lead to efficacy, but in solid tumors, a second dose may be necessary for some patients to enhance the response rate and durability."

The analyst emphasized the unique approach of Anixa's CAR-T program, stating, "Anixa is developing a CAR-T program that targets a protein receptor — Follicle Stimulating Hormone Receptor (FSHR) . . .  A CAR-T, where the CAR is FSH, and the antigen is FSHR, could be similar to the B-cell situation, translating into the first effective CAR-T therapy for a solid tumor."

Regarding Anixa's strategic plans, Kolbert noted the company's focus on localized intra-peritoneal delivery to "avoid system exposure and deliver a more potent dose to the target tumor."

Kolbert's valuation methodology for Anixa is based on therapeutic models for the company's lead products, including a breast cancer vaccine and the CAR-T therapy. He explained, "We apply a 60% POS and 30% discount rate (r) and assume additional capital raises in our final share count. We then apply these projections to our Free Cash Flow to the firm, or FCFF discounted EPS or dEPS and sum-of-the-parts or SOP models."

The analyst outlined several risk factors, including Clinical/Regulatory Risk, Partnership and Financial Risk, Commercial Risk, Legal and Intellectual Property Risk, and Market Share Risk. He also noted the company's reliance on licenses from Wistar for their CAR-T technology and Cleveland Clinic for the breast and ovarian cancer vaccine technologies.

In conclusion, EF Hutton's maintenance of a Buy rating and US$10 price target reflects a positive outlook on Anixa Bioscience's potential in developing novel cancer therapies, particularly its CAR-T program for ovarian cancer. The share price at the time of the report of US$3.19 represents a potential return of approximately 213% to the analyst's target price.


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  1. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 
  2. This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

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Disclosures for EF Hutton, Anixa Bioscience, September 30, 2024

Analyst Certification I, Jason Kolbert, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Company-Specific Disclosures EF Hutton LLC, or its affiliates have received compensation from Anixa Biosciences, Inc. for investment banking services within the past 12 months.

General Disclosures This report has been produced by EF Hutton LLC and is for informational purposes only. It does not constitute solicitation of the sale or purchase of securities or other investments. The information contained herein is derived from sources that are believed to be reliable. Prices, numbers, and similar data contained herein include past results, estimates, and forecasts, all of which may differ from actual data. These prices, numbers, and similar data may also change without prior notification. This research report does not guarantee future performance, and the information contained herein should be used solely at the discretion and responsibility of the client. Neither EF Hutton nor its affiliates accept any liability or responsibility for any results in connection with the use of such information. This research report does not consider specific financial situations, needs, or investment objectives of any client, and it is not intended to provide tax, legal, or investment advice. Clients are responsible for making final investment decisions and should do so after a careful examination of all documentation delivered prior to execution, explanatory documents pertaining to listed securities, etc., prospectuses, and other relevant documents. EF Hutton and its affiliates may make investment decisions based on this research report. In addition, EF Hutton and its affiliates, as well as employees, may trade in the securities mentioned in this research report, their derivatives, or other securities issued by the same issuing companies in this research report. This research report is distributed by EF Hutton and/or its affiliates. The information contained herein is for client use only. EF Hutton holds the copyright on this research report. Any unauthorized use or transmission of any part of this research report for any reason, whether by digital, mechanical, or any other means, is prohibited. If you have any questions, please contact your sales representative. Additional information is available upon request. Certain company names, product and/or service names that appear in this research report are trademarks or registered trademarks of EF Hutton or other companies mentioned in the report.





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