EXCLUSIVE: Anixa Biosciences Finds Stock Undervalued, Launches $5M Stock Buyback Program

Anixa Biosciences, Inc ANIX, a biotechnology company focused on the treatment and prevention of cancer, today announced that its Board of Directors has authorized a share repurchase program of up to $5 million of the company's outstanding common stock.

"We believe that Anixa's stock is currently undervalued, and this program provides an opportunity to enhance long-term shareholder value," stated Dr. Amit Kumar, Chairman and CEO of Anixa.

Also Read: Anixa Biosciences Treats Sixth Patient in its Ovarian Cancer CAR-T Clinical Trial

In May, Anixa Bio entered into a joint development agreement with Cleveland Clinic to develop novel vaccines for various cancer types.

The company said that the stock repurchases may be made from time to time at the discretion of the Board of Directors through open-market transactions in accordance with applicable securities laws.

The repurchase program expires in twelve months and can be suspended or discontinued at any time. No shares have been repurchased under the program to date.

HC Wainwright & Co. has a Buy rating on Anixa Bio's stock with a price target of $7.

Price Action: ANIX shares closed higher by 10.4% at $2.77 Friday.

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• Anixa Biosciences Expands Partnership with Cleveland Clinic to Develop Additional Cancer Vaccines