Freedom Maintains “Buy” Rating for Anixa Biosciences with 280% Upside Potential

Freedom analysts have reaffirmed their “Buy” recommendation for Anixa Biosciences (ANIX) shares, keeping the target price at $9 per share. With the current market price around $2.35, this implies an upside potential exceeding 280%.

The primary catalyst for the company’s revaluation in 2026 remains the ongoing clinical trials of lira-cel, an experimental cell therapy for treating resistant metastatic ovarian cancer. Investors will be particularly focused on results from Cohort 5 of the study, where the drug is being tested at a higher dose following preconditioning lymphodepletion. These data will help determine whether the new approach can enhance therapeutic efficacy while maintaining a favorable safety profile.

Additional upside potential may come from prospective partnership deals. The company is already in discussions with potential commercial partners for both the lira-cel program and its alpha-lactalbumin-based breast cancer vaccine. Freedom analysts believe the deal will be an important confirmation of the prospects of Anixa's developments and will ease investor concerns.

The company’s financial position remains solid. As of the Q2 FY 2026, Anixa held $13.7 million in cash and cash equivalents - sufficient, according to Freedom’s estimates, to fund operations through at least Q1 2028. An additional liquidity source is the ATM program, under which approximately $97 million remains available.

Freedom notes that future share performance will primarily hinge on clinical outcomes from the lira-cel program and progress in securing strategic partnerships. Meanwhile, the company maintains low liquidity risk and continues to develop two promising oncology areas at once.

Not an individual investment recommendation.