How are energy investors positioned?
On Wednesday, H.C. Wainwright maintained a Buy rating on Immix Biopharma, Inc. (NASDAQ:IMMX) with a steady price target of $7.00. The firm highlighted recent developments in the company’s clinical trials, specifically the NEXICART-2 trial in the United States.
Immix Biopharma has progressed to a new phase in this trial by beginning the dosing at a dose expansion level of 450M NXC-201 CAR+T cells. This advancement follows the successful completion of the first cohort, which involved dosing at 150M CAR+T cells.
The NEXICART-2 trial is now set to dose three patients with 450M CAR-T cells, administering the treatment to one patient every 28 days. This schedule allows for the possibility of multiple patients receiving doses each month, potentially accelerating the trial's progress. NXC-201 is a sterically-optimized BCMA-targeted CAR-T cell therapy, and the current trial builds on prior ex-U.S. data for the same treatment in relapsed/refractory AL amyloidosis.
The decision to continue with the Buy rating and the $7.00 price target reflects the firm's confidence in the potential of NXC-201. The therapeutic has shown promise, and the ongoing trial is a critical step in evaluating its efficacy and safety at higher dosing levels.
The analyst's commentary underscores the significance of the trial's progression and the structured approach to dosing, which is designed to optimize the treatment's impact while monitoring patient response.
The NEXICART-2 trial's advancement to the second dosing cohort is an important milestone for Immix Biopharma. The ability to dose multiple patients per month could lead to more robust data and potentially hasten the development timeline for NXC-201. The firm's reiteration of the Buy rating and price target suggests a positive outlook for the stock based on these clinical developments.
In other recent news, Immix Biopharma, a clinical-stage biopharmaceutical company, has made several significant advancements. The company has welcomed Dr. Raymond Comenzo, a renowned AL Amyloidosis expert, to the Scientific Advisory Board of its subsidiary Nexcella. Dr. Comenzo's addition is anticipated to further Immix Biopharma's development of advanced treatments for AL Amyloidosis.
Immix Biopharma also announced the expansion of its U.S. Phase 1b/2 study of CAR-T therapy NXC-201 for patients with AL Amyloidosis, with the inclusion of three new clinical trial sites: Cleveland Clinic, UC Davis, and Sutter Health. This expansion follows the promising results from the ex-U.S. study NEXICART-1, which displayed a 92% overall response rate in a similar patient group.
Moreover, the company has appointed Crowe LLP as its new auditor, replacing KMJ Corbin & Company LLP, with no disagreements or reportable events noted during the transition. Immix Biopharma has also received an orphan drug designation from the European Commission for its therapy NXC-201, targeted at treating multiple myeloma.
Lastly, Immix Biopharma is advancing clinical and commercial development opportunities, especially with its Phase III investigational product, RenovoGem™.
InvestingPro Insights
Recent InvestingPro data provides additional context to Immix Biopharma's (NASDAQ:IMMX) clinical developments. The company's market capitalization stands at $40.08 million, reflecting its current valuation in the biotech sector. Despite the positive clinical progress highlighted in the article, IMMX's stock has faced significant headwinds, with a 28.43% decline over the past month and a 52.29% drop in the last six months.
Two relevant InvestingPro Tips shed light on the company's financial position. Firstly, IMMX "holds more cash than debt on its balance sheet," which could be crucial for funding ongoing clinical trials like NEXICART-2. Secondly, the company is "quickly burning through cash," a common characteristic of biotech firms in the development stage. This cash burn rate underscores the importance of the NEXICART-2 trial's progress, as positive results could potentially attract additional investment or partnerships.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for IMMX, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.