Anixa Biosciences (NASDAQ:ANIX) Share Price Breaks Below 200-Day Moving Average - Time to Sell?

Key Points

• Anixa Biosciences shares fell below their 200-day moving average, reaching $2.89 before closing near $2.93, compared with the 200-day average of $2.97.
• Analyst sentiment is mixed: three analysts rate the stock a Buy, one a Hold and one a Sell. The consensus rating is Hold, with an average price target of $8.00.
• Insiders have recently bought shares, including a director’s purchase of 49,036 shares, while institutional investors own 29.13% of the company. Anixa remains a clinical-stage biotech focused on cancer immunotherapies and vaccines.

Anixa Biosciences Inc (NASDAQ:ANIX - Get Free Report) shares crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $2.97 and traded as low as $2.89. Anixa Biosciences shares last traded at $2.93, with a volume of 135,563 shares changing hands.

Analysts Set New Price Targets

ANIX has been the topic of a number of research analyst reports. Citigroup restated a "buy" rating on shares of Anixa Biosciences in a research report on Tuesday, October 6th. D. Boral Capital reiterated a "buy" rating and set a $10.00 price objective on shares of Anixa Biosciences in a report on Tuesday, June 30th. Zacks Research cut shares of Anixa Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 19th. Weiss Ratings upgraded shares of Anixa Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, September 17th. Finally, HC Wainwright reduced their price objective on Anixa Biosciences from $7.00 to $6.00 and set a "buy" rating for the company in a report on Tuesday, September 22nd. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $8.00.

Anixa Biosciences Price Performance

The firm's 50 day simple moving average is $3.00 and its two-hundred day simple moving average is $2.97. The firm has a market capitalization of $101.85 million, a P/E ratio of -9.16 and a beta of 0.47.

Anixa Biosciences (NASDAQ:ANIX - Get Free Report) last announced its quarterly earnings results on Wednesday, September 9th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.08). As a group, equities research analysts forecast that Anixa Biosciences Inc will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other Anixa Biosciences news, Director Lewis Titterton, Jr. bought 49,036 shares of the firm's stock in a transaction on Wednesday, September 23rd. The stock was acquired at an average price of $2.69 per share, with a total value of $131,906.84. Following the completion of the purchase, the director owned 1,046,003 shares of the company's stock, valued at approximately $2,813,748.07. This trade represents a 4.92% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have bought a total of 105,536 shares of company stock valued at $293,087 in the last 90 days. 26.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Anixa Biosciences

Hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Anixa Biosciences during the second quarter valued at approximately $559,000. GSA Capital Partners LLP acquired a new stake in Anixa Biosciences during the 2nd quarter worth about $329,000. CoreCap Advisors LLC increased its stake in shares of Anixa Biosciences by 19.2% in the third quarter. CoreCap Advisors LLC now owns 62,020 shares of the company's stock worth $182,000 after acquiring an additional 10,000 shares during the period. Renaissance Technologies LLC grew its holdings in Anixa Biosciences by 13.6% during the first quarter. Renaissance Technologies LLC now owns 61,173 shares of the company's stock worth $158,000 after acquiring an additional 7,300 shares during the period. Finally, Kestra Advisory Services LLC boosted its position in Anixa Biosciences by 96.2% during the first quarter. Kestra Advisory Services LLC now owns 51,000 shares of the company's stock worth $132,000 after purchasing an additional 25,000 shares in the last quarter. 29.13% of the stock is currently owned by institutional investors.

Anixa Biosciences Company Profile

Anixa Biosciences, Inc is a clinical-stage biotechnology company focused on developing immunotherapies and vaccines for cancer and other serious diseases. The company's programs are designed to use the immune system to identify and attack disease-associated targets.

Anixa's oncology pipeline has included a chimeric antigen receptor T-cell (CAR-T) therapy targeting the follicle-stimulating hormone receptor, which is being investigated as a potential treatment for ovarian cancer and other cancers.

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