quantumup@Quantumup1
H.C. Wainwright y'day⬆️ $IMMX's PT to $12 from $8, plus⬆️PoS to 85% and reiterated at a Buy rating.
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H.C. Wainwright said in its note:
Over the weekend at the annual ASH meeting, Immix presented Phase 2 results from the NEXICART-2 trial, which is evaluating NXC-201 (a BCMA-targeted autologous CAR-T) in r/r AL amyloidosis. As shown in the oral presentation, NXC-201 (n=20; 4 median prior Rx) demonstrated a 75% hematologic CR rate (15/20), with 16 of 18 evaluable patients being MRD-negative (see Figure 1 below).
Notably, four of five patients pending evaluation are MRD-negative; this is important since MRD negativity in bone marrow predicts future complete response.
If those four patients achieve a complete response, the CR rate would be 95%.
Overall, we believe these efficacy results compare favorably to those seen with agents currently used for r/r AL amyloidosis (see Figure 2 overleaf).
Regarding safety, no patients experienced Grade 3 or higher cytokine release syndrome (CRS), and no neurotoxicity events of any grade were observed.
Given these promising results, we have increased our probability of approval for NXC-201 in r/r AL amyloidosis to 85%—up from the prior 40%—and also note that Immix plans on submitting a BLA for NXC-201 in r/r AL amyloidosis in 2Q/3Q26.
After factoring in these changes to our DCF-based valuation, as well as the recent $100M equity raise, we reiterate our Buy rating and raise our 12-month price target to $12 from $8.