Immix Biopharma stock holds $7 target, Buy rating at H.C. Wainwright

On Tuesday, H.C. Wainwright maintained its optimistic stance on Immix Biopharma , Inc. (NASDAQ:IMMX), with analyst Robert Burns reiterating a Buy rating and a $7.00 price target on the company’s shares. Currently trading at $1.97, with a market capitalization of $54 million, the stock shows significant upside potential according to InvestingPro analysis, which indicates the company is currently undervalued. The endorsement follows Immix Biopharma’s recent announcement that the U.S. Food and Drug Administration (FDA) has granted Regenerative Medicine Advanced Therapy (RMAT) designation to its therapeutic candidate NXC-201. NXC-201 is currently under evaluation in the NEXICART-2 trial for the treatment of relapsed/refractory AL Amyloidosis. InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 3.47, providing adequate resources for its clinical development programs.

According to Burns, the early results from the NEXICART-2 trial are promising. The first four patients treated showed rapid normalization of diseased light chains within the first month. This outcome aligns with data observed outside of the United States. Moreover, half of these patients have achieved complete response (CR) status, and the other two have tested negative for minimal residual disease (MRD) in the bone marrow to a sensitivity of one in a million (10-6).

Burns expressed confidence in the potential for the two patients who are pending a response assessment to also be confirmed as complete responders, given their MRD-negative status. He highlighted that Immix Biopharma is progressing with patient dosing at the dose expansion level, administering 450 million NXC-201 CAR-T cells.

The company’s stock rating and price target have been reaffirmed in light of these developments. The RMAT designation by the FDA is a significant regulatory milestone that may facilitate the development and expedite the review of NXC-201. It is granted to regenerative medicine therapies that demonstrate the potential to address unmet medical needs in serious conditions. While the company holds more cash than debt on its balance sheet, InvestingPro subscribers can access additional insights about the company’s financial health, including detailed cash flow analysis and growth metrics. Get the full picture with InvestingPro’s comprehensive financial analysis tools.

In other recent news, Immix Biopharma has reported noteworthy developments in its clinical trials. The company’s NXC-201 CAR-T therapy, currently under trial, has shown promising initial results in the treatment of relapsed/refractory AL Amyloidosis patients. Immix Biopharma’s NEXICART-2 trial revealed that all patients normalized disease markers within 30 days of receiving the treatment. Two of the four patients achieved complete response status, while the remaining two exhibited minimal residual disease negativity in the bone marrow.

H.C. Wainwright, an independent analyst firm, maintained a Buy rating on Immix Biopharma, reflecting confidence in the potential of NXC-201. The firm’s endorsement followed the company’s announcement of these preliminary results. In another trial, NEXICART-1, conducted outside the United States, NXC-201 demonstrated a 75% complete response rate, reinforcing the therapy’s potential efficacy.

Immix Biopharma is set to continue patient enrollment in the NEXICART-2 trial, with interim and final clinical data readouts expected in the coming years. The company’s ongoing efforts and the encouraging initial results from its trials represent recent advancements in the therapeutic landscape for patients with AL Amyloidosis.

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