SAN JOSE, Calif. - Anixa Biosciences, Inc. (NASDAQ: NASDAQ:ANIX), a biotechnology company specializing in cancer treatment and prevention, today announced a share repurchase program, signaling confidence in its financial health and future prospects. The company's Board of Directors has authorized the buyback of up to $5 million of its outstanding common stock.
The repurchase plan is part of Anixa's strategy to enhance shareholder value, with the company's leadership expressing belief in the stock's current undervaluation. Dr. Amit Kumar, Anixa's Chairman and CEO, cited the robustness of their balance sheet and the strength of their clinical development pipeline as key reasons for the initiative.
The buyback will be conducted on the open market, subject to securities laws, and may occur sporadically at the Board's discretion. The program is set to expire in twelve months but may be halted or terminated at any time. As of today, no shares have been repurchased, and the company has not committed to specific timelines or quantities for the repurchases.
Anixa partners with notable research institutions like Moffitt Cancer Center and Cleveland Clinic in developing its oncology-focused therapies and vaccines. Its portfolio includes a novel CAR-T therapy for ovarian cancer and vaccines aimed at preventing triple-negative breast cancer and other high-incidence malignancies such as lung, colon, and prostate cancers.
The company's forward-looking statements indicate plans and expectations for the future, which are subject to a variety of risks and uncertainties that could cause actual results to differ materially. Anixa has not updated or revised any forward-looking statements in light of new information or future events as of this press release.
This news is based on a press release statement and provides a snapshot of Anixa Biosciences' current corporate activities and market strategies.
In other recent news, Anixa Biosciences has been making significant strides in the field of cancer research and treatment. The biotech company reported its financial results for the second fiscal quarter of 2024, disclosing a net loss of $3.1 million, which was less than the projected loss of $3.5 million. Anixa's cash reserve, as of the end of April, stood at $23.2 million, sufficient to maintain operations for over two years without additional funding.
H.C. Wainwright recently adjusted its outlook on Anixa, lowering the 12-month price target to $7.00 from $12.00, yet maintaining a Buy rating. This adjustment was based on Anixa's recent financial report and a new partnership with Cleveland Clinic for cancer vaccine development. Anixa has also begun treating the fifth patient in its Phase 1 clinical trial for a novel CAR-T therapy for ovarian cancer, in collaboration with Moffitt Cancer Center.
In addition to these developments, Anixa expanded its team by adding Dr. Sanjay Juneja, a renowned medical oncologist, to its Cancer Business Advisory Board. This move is expected to increase awareness and recruitment for Anixa's clinical trials. These recent developments highlight Anixa Biosciences' commitment to advancing in the field of cancer research and treatment.
InvestingPro Insights
Anixa Biosciences, Inc. (NASDAQ: ANIX), in its recent move to authorize a share repurchase program, underscores its confidence in the company's financial stability and growth trajectory. Complementing this strategic decision are insights from InvestingPro that provide a deeper financial perspective on the company.
One of the notable InvestingPro Tips for Anixa is that the company holds more cash than debt on its balance sheet, a reassuring sign for investors looking for a company with a solid liquidity position. Additionally, analysts anticipate sales growth in the current year, which could signal potential upside for the company's stock.
From the real-time data available on InvestingPro, Anixa's Market Cap stands at $88.66M, reflecting its current valuation in the market. Despite challenges, the company has experienced a significant return over the last week, with a 22.03% price total return, which may capture the interest of momentum investors. Still, it is important to note that the P/E Ratio is currently negative at -7.43, indicating that the company is not profitable as of the last twelve months ending Q2 2024.
For investors seeking more comprehensive analyses, additional InvestingPro Tips are available, offering insights such as the company's expected net income drop this year and the lack of dividend payments to shareholders. There are 6 more tips available on InvestingPro, which can be accessed by those interested in a deeper dive into Anixa's financial health and outlook.
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