Immix Biopharma (NASDAQ:IMMX) Shares Down 8.2% – Here’s What Happened

Shares of Immix Biopharma, Inc. (NASDAQ:IMMX) fell 8.2% during mid-day trading on Wednesday. The company traded as low as $11.75 and last traded at $11.78. 344,516 shares traded hands during trading, a decline of 73% from the average daily volume of 1,283,040 shares. The stock had previously closed at $12.83.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IMMX. Morgan Stanley decreased their price target on shares of Immix Biopharma from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 11th. Mizuho boosted their price target on Immix Biopharma from $15.00 to $26.00 and gave the company an “outperform” rating in a research note on Tuesday, September 15th. Citigroup reiterated a “market outperform” rating on shares of Immix Biopharma in a research report on Friday, August 14th. HC Wainwright upped their target price on Immix Biopharma from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Immix Biopharma in a research note on Friday, July 17th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Immix Biopharma has a consensus rating of “Moderate Buy” and a consensus target price of $22.86.

Immix Biopharma Price Performance

The firm has a market cap of $837.02 million, a P/E ratio of -13.30 and a beta of 0.20. The stock’s 50 day moving average is $11.55 and its two-hundred day moving average is $10.21.

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). As a group, research analysts forecast that Immix Biopharma, Inc. will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Immix Biopharma

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jupiter Topco LLC bought a new stake in Immix Biopharma in the second quarter valued at $100,816,000. Janus Henderson Group PLC lifted its holdings in shares of Immix Biopharma by 22.5% during the first quarter. Janus Henderson Group PLC now owns 4,802,002 shares of the company’s stock valued at $43,698,000 after acquiring an additional 880,434 shares during the period. BlackRock Inc. acquired a new stake in shares of Immix Biopharma in the 2nd quarter valued at $30,827,000. Opaleye Management Inc. bought a new stake in shares of Immix Biopharma in the 2nd quarter worth about $24,177,000. Finally, Wellington Management Group LLP bought a new stake in shares of Immix Biopharma in the 2nd quarter worth about $15,191,000. Institutional investors own 11.26% of the company’s stock.

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.