Bank of America (BofA) Securities initiated coverage on Immix Biopharma Inc. (NASDAQ:IMMX), driven by NXC-201 in AL amyloidosis.
AL amyloidosis is a rare plasma cell disorder wherein abnormal plasma cells in the bone marrow overproduce misfolded antibody proteins (light chains).
These proteins clump together as amyloid deposits, progressively damaging vital organs.
Strong Clinical Data Supports Bullish View
In an investor note on Thursday, Bank of America Securities (BofA) assumed NXC-201 will launch in the U.S. in 2028 based on current timelines.
It estimates a 50% likelihood-of-success based on developmental stage and models worldwide risk-adjusted peak sales of $963 million.
Analyst Tazeen Ahmad wrote, “We view NXC-201 in r/r AL as a compelling opportunity given high CR rates and no approved therapies.
BofA analyst initiated coverage of Immix Biopharma with a Buy rating and price forecast of $27.
In May, the company reported a 95% complete response rate in its clinical trial for relapsed/refractory AL amyloidosis.
The company said 19 of the first 20 patients treated with NXC-201 achieved a complete response within one year, with no relapses reported to date.
It plans to begin a Phase 3 trial in newly diagnosed AL amyloidosis patients, with the next clinical update expected in September 2026.
In January, the U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy Designation to NXC-201 for relapsed/refractory AL Amyloidosis.
The designation was based on Phase 2 NXC-201 interim data from the NEXICART-2 trial.
BofA Highlights Risks To Commercial Adoption
BofA questions whether the early high CR rates will hold up with longer follow-up. Safety remains critical in this frail population, as even modest increases in cytokine release syndrome, neurotoxicity, or cardiac events could limit real-world adoption.
Access may also constrain near-term uptake, with CAR-T manufacturing, logistics, and treatment center capacity potentially limiting use as demand for other CAR-T therapies grows.
Risks to BofA Buy thesis include durability uncertainty, potential (and unexpected) safety issues in larger studies, emerging competition including BCMA CAR-Ts and bispecifics, and a slower-than-expected commercial ramp.
“However, we think NXC-201’s strong efficacy and lack of treatment options support a favorable commercial setup for IMMX,” BofA wrote on Thursday.
IMMX Stock Price Activity: Immix Biopharma shares were up 2.52% at $9.90 at the time of publication on Thursday, according to Benzinga Pro data.
Photo: Faces Portrait/Shutterstock
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