CelLBxHealth PLC (AIM:CLBX, OTCQB:ANPCF, FRA:DWV) is a recovery story with asymmetric upside. In a note published on Friday, Cavendish reiterated its 4p price target, implying more than 300% upside from current levels, after the company confirmed that forecasts for 2026 to 2028 remain intact.
The broker played down a modest revenue miss in 2025, caused by around £0.2 million of contracts slipping into the first quarter of this year, arguing it is largely irrelevant in the context of a much bigger reset now under way.
The focus has shifted firmly to costs. CelLBxHealth is in the middle of a deep restructuring that is expected to strip out about £5.9 million of annualised expenses. Those savings are already baked into Cavendish’s forward numbers and are central to the investment case, with the company forecast to move steadily towards breakeven by 2028.
Crucially, liquidity is no longer the immediate concern it once was. A December fundraising has left CelLBxHealth with £7.3 million of cash, providing runway to execute its refreshed commercial strategy for Parsortix, its circulating tumour cell platform.
Cavendish argues that the outer-year forecasts, rather than near-term revenue volatility, offer the clearest view of the company’s underlying trajectory.
On that basis, the broker believes the current valuation fails to reflect the scale of operational change now in progress.