Investment Review №341. The Obvious and the Unbelievable

Anixa Biosciences (ANIX) is a clinical-stage biotechnology company developing immunotherapies for solid tumors, including a therapy for ovarian cancer and a therapeutic vaccine for breast cancer. The company’s investment thesis rests largely on its non-capital-intensive business model and the potential value of its differentiated pipeline, which could pave the way for partnerships with large pharmaceutical companies. Interim Phase I data on the ovarian cancer cell therapy in treatment-resistant patients show a favorable safety profile and early signals of improved survival, supporting continued dose escalation and potentially increasing interest from industry partners. Meanwhile, the breast cancer vaccine program has completed Phase I with an acceptable safety profile, although the timing of advancement into Phase II remains uncertain given the possible need for additional studies. The company’s financial position remains relatively solid, with approximately $14m in cash at the end of Q1 2026—providing roughly two years of runway under disciplined cost control.

Freedom Broker analysts estimate a 12-month fair price target of $9 per share. 

 

Betterware de México (BWMX) specializes in retail and direct sales of home and beauty products through its Betterware and Jafra brands. The investment case is driven primarily by a gradual recovery in operating performance following a challenging post-COVID period, alongside an expanding footprint across Latin America. In Q4 FY 2025, the company delivered moderate revenue growth, while EBITDA was weaker due to temporary factors, including the effect of FX fluctuations on the valuation of inventory and derivatives in the Betterware Mexico segment. Meanwhile, the Jafra Mexico and Jafra US segments showed signs of improving operating momentum. In our view, a more meaningful catalyst is the planned acquisition of Tupperware’s Latin America business, expected to close in Q2 2026, as well as continued regional expansion, including the launch of operations in Colombia and Brazil. Execution risk remains, particularly around integrating businesses across multiple countries with different CRM platforms and manufacturing footprints, which could delay synergy capture. However, stronger FCF generation and deleveraging strengthen the balance sheet and provide additional capacity to fund growth.

Freedom Broker analysts assign the stock a 12-month fair price target of $31.

 

Mission Produce (AVO) — is a global supplier of avocados and blueberries, operating a vertically integrated model that spans harvesting, in-house agricultural production, packaging, ripening, and distribution across North American, European, and Asian markets. The investment thesis rests on the structural growth in global avocado demand, supported by the healthy-eating trend, and on Mission Produce’s ability to ensure year-round supply through geographically diversified sourcing—primarily Mexico, Peru, and California—backed by its own infrastructure. Another key driver is vertical integration, which is intended to improve operating efficiency and partially offset the price and supply volatility inherent in the agricultural sector. While the company’s financial performance remains sensitive to avocado pricing and yield dynamics, sales growth and the continued build-out of its owned farming footprint support the potential for sustained revenue and earnings expansion over the medium term. In addition, the deal with Calavo Growers may help solidify Mission Produce’s market position through potential synergies. Overall, Mission Produce shares represent a long-term play on continued expansion of the global avocado market, with moderate operational and commodity-related risks.

Freedom Broker analysts’ 12-month fair price target is $15 per share. 

 

Trilogy Metals (TMQ) is a mining company developing base-metal deposits in Alaska, including the Arctic and Bornite projects, through a joint venture with South32. The investment case is primarily underpinned by the high quality of its resources and the strategic importance of its key metal—copper. The flagship Arctic project is among the highest-grade undeveloped deposits, with copper, zinc, and associated metals, supporting the potential for a low-cost operating profile. The Bornite project strengthens the overall thesis with an extensive resource base and longer-term growth optionality. A major pillar of the story is the partnership with South32, which has funded key development milestones, mitigating financing risk. In addition, U.S. government support underscores the project’s strategic relevance. Another tailwind is rising copper demand driven by electrification and continued technology deployment. The company currently has adequate liquidity but remains pre-revenue and exposed to regulatory risks.

Freedom Broker analysts set a 12-month fair price of $6.20 per share.