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

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

Wall Street Analyst Weigh In

A number of research firms have commented on IMMX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immix Biopharma in a report on Friday, July 17th. Citigroup reissued a “market outperform” rating on shares of Immix Biopharma in a research note on Friday, August 14th. HC Wainwright raised their price target on Immix Biopharma from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Lifesci Capital started coverage on Immix Biopharma in a report on Wednesday, June 17th. They issued an “outperform” rating and a $19.00 price objective for the company. Finally, Bank of America began coverage on Immix Biopharma in a research note on Thursday, June 18th. They issued a “buy” rating and a $27.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Immix Biopharma has a consensus rating of “Moderate Buy” and an average target price of $22.86.

Immix Biopharma Stock Down 7.6%

The stock has a market cap of $848.46 million, a price-to-earnings ratio of -13.41 and a beta of 0.20. The stock’s fifty day moving average is $11.49 and its 200-day moving average is $10.17.

Immix Biopharma (NASDAQ:IMMX) last posted its 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). As a group, equities research analysts predict that Immix Biopharma, Inc. will post -0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Opaleye Management Inc. bought a new stake in Immix Biopharma in the 2nd quarter valued at $24,177,000. Engineers Gate Manager LP bought a new position in Immix Biopharma during the 2nd quarter worth about $184,000. Squarepoint Ops LLC raised its stake in shares of Immix Biopharma by 57.5% in the 2nd quarter. Squarepoint Ops LLC now owns 70,062 shares of the company’s stock valued at $722,000 after purchasing an additional 25,572 shares during the period. Compass Financial Management LLC acquired a new stake in shares of Immix Biopharma in the 2nd quarter valued at about $62,000. Finally, Velan Capital Investment Management LP lifted its holdings 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 valued at $11,186,000 after purchasing an additional 345,000 shares in the last quarter. 11.26% of the stock is currently owned by 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.