Immix Biopharma (NASDAQ:IMMX) Shares Down 6.2% – Here’s What Happened

Immix Biopharma, Inc. (NASDAQ:IMMX)’s share price fell 6.2% during trading on Tuesday. The stock traded as low as $8.76 and last traded at $8.68. Approximately 457,805 shares changed hands during trading, a decline of 65% from the average session volume of 1,320,802 shares. The stock had previously closed at $9.25.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on IMMX shares. Mizuho upped their price target on Immix Biopharma from $15.00 to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, September 15th. Citigroup reiterated a “market outperform” rating on shares of Immix Biopharma in a research note on Wednesday, September 30th. Needham & Company LLC lifted their price objective on Immix Biopharma from $21.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, September 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Immix Biopharma in a research note on Friday, July 17th. Finally, Morgan Stanley reduced their target price on shares of Immix Biopharma from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 11th. Eight research 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, Immix Biopharma has a consensus rating of “Moderate Buy” and a consensus target price of $24.14.

Immix Biopharma Trading Down 2.1%

The firm has a market capitalization of $608.81 million, a price-to-earnings ratio of -9.67 and a beta of 0.24. The firm has a fifty day moving average price of $11.81 and a 200 day moving average price of $10.22.

Immix Biopharma (NASDAQ:IMMX) last released its quarterly earnings results on Friday, August 7th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.01). As a group, equities analysts predict that Immix Biopharma, Inc. will post -0.74 EPS for the current fiscal year.

Institutional Trading of Immix Biopharma

Several large investors have recently made changes to their positions in the business. Blue Owl Capital Holdings LP bought a new stake in Immix Biopharma during the 2nd quarter worth about $4,511,000. LGT Fund Management Co Ltd. increased its position in Immix Biopharma by 233.3% in the 1st quarter. LGT Fund Management Co Ltd. now owns 416,594 shares of the company’s stock valued at $3,795,000 after acquiring an additional 291,594 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Immix Biopharma in the 2nd quarter valued at about $15,191,000. Tocqueville Asset Management L.P. bought a new position in shares of Immix Biopharma in the second quarter worth about $913,000. Finally, Velan Capital Investment Management LP raised its stake in shares of Immix Biopharma by 46.6% in the second quarter. Velan Capital Investment Management LP now owns 1,085,000 shares of the company’s stock worth $11,186,000 after acquiring an additional 345,000 shares during the last quarter. Institutional investors own 11.26% of the company’s stock.

About Immix Biopharma

Immix Biopharma, Inc is a clinical-stage biopharmaceutical company focused on developing cell therapies for cancer and autoimmune diseases. The company’s research centers on treatments designed to use a patient’s immune system to identify and attack disease-related cells.

Its lead product candidate is NXC-201, an investigational autologous CAR T-cell therapy targeting B-cell maturation antigen (BCMA), a protein found on malignant plasma cells. NXC-201 is being evaluated in clinical studies involving patients with relapsed or refractory AL amyloidosis and multiple myeloma, including the company’s NEXICART-1 study.

Immix Biopharma was founded in 2012 and is based in Los Angeles, California.