Immix Biopharma, Inc. (IMMX) PT Raised to $12 at H.C. Wainwright

H.C. Wainwright analyst Robert Burns raised the price target on Immix Biopharma, Inc. (NASDAQ: IMMX) to $12.00 (from $8.00) while maintaining a Buy rating.

The analyst commented: "Over the weekend at the annual ASH meeting, Immix presented Phase 2 results from the NEXICART-2 trial, which is evaluating NXC-201 (a BCMA-targeted autologous CAR-T) in r/r AL amyloidosis. As shown in the oral presentation, NXC-201 (n=20; 4 median prior Rx) demonstrated a 75% hematologic CR rate (15/20), with 16 of 18 evaluable patients being MRD-negative (see Figure 1 below). Notably, four of five patients pending evaluation are MRD-negative; this is important since MRD negativity in bone marrow predicts future complete response. If those four patients achieve a complete response, the CR rate would be 95%. Overall, we believe these efficacy results compare favorably to those seen with agents currently used for r/r AL amyloidosis (see Figure 2 overleaf). Regarding safety, no patients experienced Grade 3 or higher cytokine release syndrome (CRS), and no neurotoxicity events of any grade were observed. Given these promising results, we have increased our probability of approval for NXC-201 in r/r AL amyloidosis to 85%—up from the prior 40%—and also note that Immix plans on submitting a BLA for NXC-201 in r/r AL amyloidosis in 2Q/3Q26. After factoring in these changes to our DCF-based valuation, as well as the recent $100M equity raise, we reiterate our Buy rating and raise our 12-month price target to $12 from $8."

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