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On Wednesday, H.C. Wainwright analysts reiterated their Buy rating for Immix Biopharma, Inc. (NASDAQ: IMMX) stock, maintaining a price target of $7.00 - representing a potential 233% upside from the current price of $2.11. The micro-cap biotech company, valued at $58.82 million, received this reaffirmation following its presentation at the annual ASCO meeting, where interim results from the NEXICART-2 trial were showcased. According to InvestingPro data, the stock has shown strong momentum with an 8.21% gain over the past week.
The trial is evaluating NXC-201, a BCMA-targeted autologous CAR-T therapy, in patients with relapsed/refractory AL amyloidosis. The data presented indicated a 100% response rate among the ten participants, with a median response time of seven days. Notably, 70% of patients achieved a hematologic complete response, and no hematologic relapses or progressions have been reported to date, with a median follow-up of 121 days. While the company maintains a strong balance sheet with more cash than debt, InvestingPro analysis indicates rapid cash burn as the company advances its clinical programs.
Safety outcomes from the trial were also positive, with no patients experiencing Grade 3 or higher cytokine release syndrome, and no neurotoxicity events of any grade observed. This adds to the encouraging efficacy results, where eight out of nine evaluable patients were MRD-negative, and organ responses were documented in four of five evaluable patients.
The analysts highlighted these promising results as a basis for maintaining their positive outlook on Immix Biopharma stock. The company’s ongoing research and development efforts continue to be closely monitored by investors and industry observers.
In other recent news, Immix Biopharma, Inc. has announced positive interim results from its Phase 1/2 NEXICART-2 clinical trial for NXC-201, targeting AL Amyloidosis. The trial demonstrated a complete response rate of 70% to 71%, with no relapses or serious safety concerns reported. This marks a significant improvement over current treatments, which typically yield less than a 10% complete response rate. Immix Biopharma plans to submit a Biologics License Application for FDA approval based on these promising findings. Additionally, the company has accelerated the enrollment for the NEXICART-2 trial, now with 14 U.S. sites actively participating, reflecting strong demand and interest. In other developments, Immix Biopharma entered an At The Market Offering Agreement with Citizens JMP Securities, allowing the company to sell shares of its common stock at its discretion. The agreement stipulates a 3% commission to the agent on gross sales proceeds. These recent developments highlight Immix Biopharma’s ongoing efforts to advance its clinical programs and financial strategies.
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