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Mizuho Names Immix Biopharma Top SMidcap Pick, Hikes Price Target to $26
Summary
Mizuho Securities has identified Immix Biopharma as its top small/mid-cap biotech stock for September, raising its price target to $26 from $15 ahead of a key clinical data release for the company's lead drug candidate.
Mizuho Securities has named Immix Biopharma (NASDAQ: IMMX) its top small and mid-cap biotech pick for September, significantly raising its price target on the stock in anticipation of a key clinical data update for the company's lead drug candidate, NXC-201.
Upgraded Outlook on Sales Potential
In a note to clients, Mizuho analyst Graig Suvannavejh raised the firm's price target on Immix Biopharma to $26 from a previous $15, while maintaining an Outperform rating. The revision stems from an updated model that incorporates a second potential indication for NXC-201.
The analyst now projects the drug could achieve peak global revenue of approximately $1 billion in its current setting for relapsed/refractory AL amyloidosis. Mizuho sees an additional opportunity of over $2 billion if the drug is approved for first-line treatment, bringing the total peak sales potential to over $3 billion.
Key Clinical Catalyst Ahead
The positive outlook is centered on an upcoming Phase 2 data update from the NEXICART-2 study, expected later in September. The study is evaluating NXC-201 in patients with relapsed/refractory AL amyloidosis, a rare disease characterized by abnormal protein buildup.
AdPrevious interim results from May 2026 showed a 95% complete response rate in an initial group of 20 patients. For the upcoming readout, which will include data from over 40 patients, the analyst is looking for a complete response rate of at least 70% to 75% to validate the drug's strong potential.
Market Context and Performance
Immix Biopharma shares have significantly outperformed the broader biotech sector this year, gaining 133% year-to-date, according to the source. This compares to a 29% rise in the SPDR S&P Biotech ETF (XBI) over the same period.
Suvannavejh believes the stock remains undervalued, given its current market capitalization of under $1 billion relative to the drug's multi-billion dollar sales potential. The positive sentiment is shared by other analysts, with BofA Securities recently initiating coverage with a Buy rating and H.C. Wainwright raising its price target to $25.
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