In a report released today, Robert Burns from H.C. Wainwright reiterated a Buy rating on Immix Biopharma, Inc. (IMMX – Research Report), with a price target of $7.00.
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Robert Burns has given his Buy rating due to a combination of factors relating to the promising clinical advancements and market potential of Immix Biopharma’s drug candidate, NXC-201. The drug recently received the RMAT designation from the FDA, indicating its potential to address significant unmet medical needs. In the NEXICART-2 trial, NXC-201 demonstrated rapid efficacy in treating patients with relapsed or refractory AL Amyloidosis, with two patients achieving complete response and the other two showing promising signs.
The positive results from the earlier NEXICART-1 trial further support the potential success of NXC-201, showcasing a high overall response rate, which compares favorably against existing treatment options. Considering the limited availability of FDA-approved treatments for this condition, Burns anticipates significant market penetration and forecasts peak global sales reaching approximately $525 million by 2035. This optimistic market outlook and the strong clinical trial outcomes underpin his Buy rating and a 12-month price target of $7 for the company’s stock.
Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IMMX in relation to earlier this year.