Immix Biopharma (NASDAQ:IMMX) Stock Falls 6.2% – Should You Sell?

Immix Biopharma, Inc. (NASDAQ:IMMX) fell 6.2% on Tuesday. The company traded as low as $8.76 and last traded at $8.68. Approximately 457,805 shares were traded 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

IMMX has been the subject of several analyst reports. Lifesci Capital started coverage on shares of Immix Biopharma in a report on Wednesday, June 17th. They set an “outperform” rating and a $19.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Immix Biopharma in a report on Friday, July 17th. Morgan Stanley reduced their target price on Immix Biopharma from $20.00 to $19.00 and set an “overweight” rating for the company in a report on Tuesday, August 11th. HC Wainwright upped their price objective 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, Citigroup reissued a “market outperform” rating on shares of Immix Biopharma in a report on Wednesday, September 30th. Eight equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Immix Biopharma currently has a consensus rating of “Moderate Buy” and an average price target of $24.14.

Immix Biopharma Trading Down 4.8%

The company’s fifty day simple moving average is $11.84 and its 200 day simple moving average is $10.23. The firm has a market capitalization of $630.26 million, a P/E ratio of -10.05 and a beta of 0.24.

Immix Biopharma (NASDAQ:IMMX) last announced its 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). On average, analysts predict that Immix Biopharma, Inc. will post -0.74 earnings per share for the current fiscal year.

Institutional Trading of Immix Biopharma

Several institutional investors and hedge funds have recently modified their holdings of the company. Opaleye Management Inc. purchased a new stake in shares of Immix Biopharma in the second quarter worth about $24,177,000. Engineers Gate Manager LP bought a new stake in shares of Immix Biopharma during the second quarter worth $184,000. Squarepoint Ops LLC increased its holdings in Immix Biopharma by 57.5% during the 2nd quarter. Squarepoint Ops LLC now owns 70,062 shares of the company’s stock worth $722,000 after purchasing an additional 25,572 shares during the period. Compass Financial Management LLC purchased a new stake in shares of Immix Biopharma in the 2nd quarter worth approximately $62,000. Finally, Velan Capital Investment Management LP boosted its position in Immix Biopharma by 46.6% during the 2nd quarter. Velan Capital Investment Management LP now owns 1,085,000 shares of the company’s stock valued at $11,186,000 after acquiring 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 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.