Immix Biopharma (NASDAQ:IMMX) Shares Down 6.2% - What's Next?

Key Points

• Immix Biopharma shares fell 6.2% to $8.68 on Tuesday, with trading volume down 65% from the average session.
• Analyst sentiment remains broadly positive: eight analysts rate the stock a Buy and one rates it a Sell, resulting in a “Moderate Buy” consensus and an average price target of $24.14.
• The company’s lead candidate, NXC-201, is an investigational CAR T-cell therapy being tested for relapsed or refractory AL amyloidosis and multiple myeloma; Immix reported a quarterly EPS loss of $0.18, slightly worse than estimates.

Immix Biopharma, Inc. (NASDAQ:IMMX - Get Free Report)'s share price dropped 6.2% on Tuesday. The stock traded as low as $8.76 and last traded at $8.68. 457,805 shares changed hands during trading, a decline of 65% from the average session volume of 1,320,802 shares. The stock had previously closed at $9.25.

Analyst Upgrades and Downgrades

IMMX has been the subject of several research analyst reports. HC Wainwright boosted their price objective on Immix Biopharma from $20.00 to $25.00 and gave the company a "buy" rating in a report on Monday, August 10th. Needham & Company LLC raised their target price on Immix Biopharma from $21.00 to $30.00 and gave the company a "buy" rating in a research report on Tuesday, September 29th. Morgan Stanley cut their target price on Immix Biopharma from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Tuesday, August 11th. Bank of America began coverage on shares of Immix Biopharma in a research note on Thursday, June 18th. They issued a "buy" rating and a $27.00 price objective on the stock. Finally, Mizuho lifted their price target on Immix Biopharma from $15.00 to $26.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 15th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $24.14.

Immix Biopharma Price Performance

The stock has a market capitalization of $630.26 million, a P/E ratio of -10.05 and a beta of 0.24. The firm has a 50 day moving average of $11.84 and a 200-day moving average of $10.23.

Immix Biopharma (NASDAQ:IMMX - Get Free Report) last posted its earnings results on Friday, August 7th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.01). As a group, equities analysts expect that Immix Biopharma, Inc. will post -0.74 earnings per share for the current year.

Institutional Investors Weigh In On Immix Biopharma

Several large investors have recently made changes to their positions in IMMX. Jupiter Topco LLC acquired a new position in Immix Biopharma during the second quarter worth $100,816,000. Janus Henderson Group PLC lifted its position in Immix Biopharma by 22.5% during the first quarter. Janus Henderson Group PLC now owns 4,802,002 shares of the company's stock worth $43,698,000 after acquiring an additional 880,434 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Immix Biopharma during the second quarter worth $30,827,000. Opaleye Management Inc. bought a new stake in Immix Biopharma in the 2nd quarter valued at about $24,177,000. Finally, Wellington Management Group LLP bought a new stake in shares of Immix Biopharma during the 2nd quarter valued at $15,191,000. Institutional investors own 11.26% of the company's stock.

About Immix Biopharma

Immix Biopharma, Inc is a clinical-stage biopharmaceutical company focused on developing cell therapies for cancer and autoimmune diseases. The company's research centers on treatments designed to use a patient's immune system to identify and attack disease-related cells.

Its lead product candidate is NXC-201, an investigational autologous CAR T-cell therapy targeting B-cell maturation antigen (BCMA), a protein found on malignant plasma cells. NXC-201 is being evaluated in clinical studies involving patients with relapsed or refractory AL amyloidosis and multiple myeloma, including the company's NEXICART-1 study.

Immix Biopharma was founded in 2012 and is based in Los Angeles, California.

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.