Immix Biopharma (NASDAQ:IMMX) Shares Down 5.7% – What’s Next?

Immix Biopharma, Inc. (NASDAQ:IMMX)’s share price traded down 5.7% on Friday. The stock traded as low as $9.73 and last traded at $9.65. 886,074 shares were traded during mid-day trading, a decline of 33% from the average session volume of 1,319,233 shares. The stock had previously closed at $10.23.

Analyst Upgrades and Downgrades

Several research firms have commented on IMMX. HC Wainwright boosted their target price on Immix Biopharma from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Citigroup restated a “market outperform” rating on shares of Immix Biopharma in a report on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immix Biopharma in a research report on Friday, July 17th. Bank of America started coverage on shares of Immix Biopharma in a research report on Thursday, June 18th. They set a “buy” rating and a $27.00 price objective on the stock. Finally, Morgan Stanley reduced their price objective on shares of Immix Biopharma from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.14.

Immix Biopharma Trading Down 5.5%

The firm has a market cap of $691.79 million, a P/E ratio of -11.00 and a beta of 0.24. The company’s 50 day simple moving average is $11.69 and its 200-day simple moving average is $10.23.

Immix Biopharma (NASDAQ:IMMX) last announced its quarterly earnings results on Friday, August 7th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.01). On average, sell-side analysts anticipate that Immix Biopharma, Inc. will post -0.75 earnings per share for the current year.

Hedge Funds Weigh In On Immix Biopharma

A number of institutional investors and hedge funds have recently modified their holdings of IMMX. Jupiter Topco LLC bought a new stake in shares of Immix Biopharma during the 2nd quarter valued at about $100,816,000. BlackRock Inc. bought a new position in shares of Immix Biopharma in the 2nd quarter worth approximately $30,827,000. Eventide Asset Management LLC purchased a new position in shares of Immix Biopharma in the fourth quarter worth approximately $13,331,000. Opaleye Management Inc. purchased a new position in shares of Immix Biopharma in the second quarter worth approximately $24,177,000. Finally, Wellington Management Group LLP bought a new stake in Immix Biopharma during the second quarter valued at approximately $15,191,000. 11.26% of the stock is currently owned by hedge funds and other institutional investors.

About Immix Biopharma

Immix Biopharma, Inc (NASDAQ: IMMX) is a clinical-stage biopharmaceutical company developing cell therapies for cancer and autoimmune diseases. The company focuses on treatments designed to target disease-associated cells and address serious conditions with limited therapeutic options.

Its lead product candidate is NXC-201, an autologous chimeric antigen receptor T-cell (CAR-T) therapy targeting B-cell maturation antigen (BCMA). NXC-201 is being investigated for relapsed or refractory AL amyloidosis and multiple myeloma, two diseases involving abnormal plasma cells.