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On Monday, H.C. Wainwright reaffirmed a positive stance on Immix Biopharma, Inc. (NASDAQ: IMMX), maintaining a Buy rating and a price target of $7.00.
The endorsement follows Immix Biopharma's announcement of preliminary results from the NEXICART-2 trial, which is testing NXC-201 in patients with relapsed/refractory AL Amyloidosis. The early data from the trial showed rapid normalization of diseased light chains within the first month of treatment, aligning with results from previous non-US studies.
According to the company's update, out of the first four patients, who had a median of four prior treatments, two have achieved complete response status, while the other two have tested negative for minimal residual disease (MRD) in the bone marrow to a sensitivity of one in one million cells. H.C. Wainwright's analyst expressed optimism, suggesting that the two patients awaiting a response assessment, who are already MRD negative, are likely to be confirmed as complete responders in the near future.
Immix Biopharma continues to administer the therapy at the dose expansion level, which involves 450 million NXC-201 CAR-T cells. The analyst's reiterated Buy rating and price target reflect confidence in the potential of NXC-201 to offer a significant therapeutic benefit for patients with AL Amyloidosis, a condition where abnormal protein deposits can lead to organ dysfunction.
The reaffirmation of the Buy rating and the $7.00 price target by H.C. Wainwright comes as Immix Biopharma progresses with its clinical trial, aiming to establish the efficacy of NXC-201 in a patient population that has limited treatment options. The company's efforts to expand the dosage level of their CAR-T cell therapy is a critical step in the development process, with the potential to positively impact future treatment protocols for AL Amyloidosis.
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