In a report issued on October 3, Andrew D’silva from B.Riley FBR initiated coverage with a Buy rating on Anixa Biosciences Inc (NASDAQ: ANIX) and a price target of $11.25. The company’s shares closed on Friday at $5.16, close to its 52-week high of $5.35.
D’silva said:
“We are initiating coverage of Anixa Biosciences, Inc. (ANIX), formerly ITUS Corporation (ITUS), with a Buy rating and a 12-month price target of $11.25 per share. ANIX is pioneering novel solutions within oncology. The company’s cancer detection platform, Cchek, is a proprietary, low-cost liquid biopsy solution that is initially expected to pursue approval as a confirmatory diagnostic for prostate and breast cancer. Meanwhile, through an exclusive license agreement with The Wistar Institute, ANIX obtained an unique early-stage chimeric antigen receptor T cell– (CAR-T cell) like platform dubbed “chimeric endocrine receptor T cell” (CER-T cell), which utilizes hormone receptor–based endocrine system cellular targets, rather than immune system targeting through genetically engineered antibody fragments as with CAR-T cells.”
According to TipRanks.com, D’silva is a 5-star analyst with an average return of 25.4% and a 51.6% success rate. D’silva covers the Healthcare sector, focusing on stocks such as Cumberland Pharmaceuticals Inc., Oramed Pharmaceuticals, and Sorrento Therapeutics.
Currently, the analyst consensus on Anixa Biosciences Inc is a Moderate Buy with an average price target of $11.25.
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Based on Anixa Biosciences Inc’s latest earnings release for the quarter ending July 31, the company reported a quarterly GAAP net loss of $5.48 million. In comparison, last year the company had a GAAP net loss of $1.79 million.
Based on the recent corporate insider activity of 8 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ANIX in relation to earlier this year.
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Anixa Biosciences, Inc. engages in the development, acquisition and licensing emerging technology in the field of biotechnology. It focuses on platform called Cchek, a series of inexpensive non-invasive blood tests for the early detection of cancer, which is based on the body’s immunological response to the presence of a malignancy.
