Immix Biopharma (NASDAQ:IMMX) Shares Down 5.7% - What's Next?

Key Points

• Immix Biopharma shares fell 5.7% to $9.65 in Friday trading, with volume below the stock’s average session volume.
• Analyst sentiment remains mostly positive: eight analysts rate IMMX a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average price target of $24.14.
• The company reported a quarterly loss of $0.18 per share, slightly worse than estimates, while institutional investors own 11.26% of the stock. Immix is developing NXC-201, a CAR-T therapy for relapsed or refractory AL amyloidosis and multiple myeloma.

Immix Biopharma, Inc. (NASDAQ:IMMX - Get Free Report)'s share price traded down 5.7% on Friday. The stock traded as low as $9.73 and last traded at $9.65. 886,074 shares were traded during mid-day trading, a decline of 33% from the average session volume of 1,319,233 shares. The stock had previously closed at $10.23.

Analyst Upgrades and Downgrades

Several research firms have commented on IMMX. HC Wainwright boosted their target price on Immix Biopharma from $20.00 to $25.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Citigroup restated a "market outperform" rating on shares of Immix Biopharma in a report on Wednesday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Immix Biopharma in a research report on Friday, July 17th. Bank of America started coverage on shares of Immix Biopharma in a research report on Thursday, June 18th. They set a "buy" rating and a $27.00 price objective on the stock. Finally, Morgan Stanley reduced their price objective on shares of Immix Biopharma from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Tuesday, August 11th. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $24.14.

Immix Biopharma Trading Down 5.5%

The firm has a market cap of $691.79 million, a P/E ratio of -11.00 and a beta of 0.24. The company's 50 day simple moving average is $11.69 and its 200-day simple moving average is $10.23.

Immix Biopharma (NASDAQ:IMMX - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.01). On average, sell-side analysts anticipate that Immix Biopharma, Inc. will post -0.75 earnings per share for the current year.

Hedge Funds Weigh In On Immix Biopharma

A number of institutional investors and hedge funds have recently modified their holdings of IMMX. Jupiter Topco LLC bought a new stake in shares of Immix Biopharma during the 2nd quarter valued at about $100,816,000. BlackRock Inc. bought a new position in shares of Immix Biopharma in the 2nd quarter worth approximately $30,827,000. Eventide Asset Management LLC purchased a new position in shares of Immix Biopharma in the fourth quarter worth approximately $13,331,000. Opaleye Management Inc. purchased a new position in shares of Immix Biopharma in the second quarter worth approximately $24,177,000. Finally, Wellington Management Group LLP bought a new stake in Immix Biopharma during the second quarter valued at approximately $15,191,000. 11.26% of the stock is currently owned by hedge funds and other institutional investors.

About Immix Biopharma

Immix Biopharma, Inc NASDAQ: IMMX is a clinical-stage biopharmaceutical company developing cell therapies for cancer and autoimmune diseases. The company focuses on treatments designed to target disease-associated cells and address serious conditions with limited therapeutic options.

Its lead product candidate is NXC-201, an autologous chimeric antigen receptor T-cell (CAR-T) therapy targeting B-cell maturation antigen (BCMA). NXC-201 is being investigated for relapsed or refractory AL amyloidosis and multiple myeloma, two diseases involving abnormal plasma cells.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.