Immix Biopharma (NASDAQ:IMMX) Shares Down 5.7% – Here’s Why

Immix Biopharma, Inc. (NASDAQ:IMMX) dropped 5.7% on Friday. The stock traded as low as $9.73 and last traded at $9.65. Approximately 886,074 shares were traded during trading, a decline of 33% from the average daily volume of 1,319,233 shares. The stock had previously closed at $10.23.

Wall Street Analysts Forecast Growth

IMMX has been the topic of a number of research reports. Mizuho lifted their price objective on Immix Biopharma from $15.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 15th. Lifesci Capital started coverage on Immix Biopharma in a research report on Wednesday, June 17th. They set an “outperform” rating and a $19.00 target price on the stock. HC Wainwright raised their price target on Immix Biopharma from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immix Biopharma in a research report on Friday, July 17th. Finally, Citigroup reissued a “market outperform” rating on shares of Immix Biopharma in a report on Wednesday. Eight equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.14.

Immix Biopharma Stock Performance

The company has a market cap of $691.79 million, a PE 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 issued its quarterly earnings results on Friday, August 7th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.01). Analysts forecast that Immix Biopharma, Inc. will post -0.75 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Jupiter Topco LLC acquired a new stake in shares of Immix Biopharma during the 2nd quarter worth about $100,816,000. Janus Henderson Group PLC increased its stake in Immix Biopharma by 22.5% in the first quarter. Janus Henderson Group PLC now owns 4,802,002 shares of the company’s stock valued at $43,698,000 after purchasing an additional 880,434 shares during the last quarter. BlackRock Inc. acquired a new stake in Immix Biopharma during the second quarter worth approximately $30,827,000. Opaleye Management Inc. purchased a new stake in shares of Immix Biopharma during the 2nd quarter worth approximately $24,177,000. Finally, Wellington Management Group LLP acquired a new position in shares of Immix Biopharma in the 2nd quarter valued at $15,191,000. 11.26% of the stock is owned by institutional investors and hedge funds.

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.