Mizuho raises Immix Biopharma stock price target to $26 on expansion

Mizuho maintains an Outperform rating for Immix Biopharma (NASDAQ:IMMX) with an increased price target of $26, up from $15. The firm projects a potential $2 billion-plus revenue opportunity in the first-line AL amyloidosis treatment setting through second indication modeling for NXC-201. An upcoming Phase 3 study for this indication is scheduled for the first half of 2027.

Mizuho has high confidence in the approaching data update from the Phase 2 NEXICART-2 study, citing robust prior data. This upgrade positions Immix Biopharma as their top September stock pick, indicating a more than 100% upside potential from the current $12.21 share price. The company's market cap stands at $873.5 million, although InvestingPro analysis suggests potential overvaluation relative to fair value.

Despite a 8% weekly decline, Immix Biopharma delivered a 484% return over the past year. The company reported a net loss of $0.18 per share for Q2 2026, surpassing H.C. Wainwright's estimate of $0.15 per share loss. Research and development expenses totaled $5.3 million, while selling, general, and administrative expenses were $7.1 million, both exceeding prior estimates.

However, H.C. Wainwright raised its price target to $25 with a Buy rating. Citizens also upgraded Immix Biopharma to Market Outperform with a $23.00 price target based on revenue and earnings multiples analysis. BofA Securities initiated coverage with a Buy rating and $27.00 price target, highlighting promising early data for NXC-201, which has demonstrated approximately 95% complete response in relapsed/refractory AL amyloidosis cases.

The news includes the arrest of Immix Biopharma executive Ronald Fischer, who had been a fugitive since 2005.