Biotech stock Immix Biopharma (NASDAQ:IMMX) shot up over 20% in Thursday afternoon’s trading. What sent shares on this latest moonshot is about what you’d expect: the very positive results of a new drug in the mid-testing process. The new drug wasn’t so much Immix’s as it was Nexcella’s, though Nexcella is a subsidiary arm of Immix Biopharma, so it’s pretty much the same.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The drug in question, though, is known as NXC-201, and it’s designed to treat two different diseases: multiple myeloma and either relapsed or refractory amyloidosis. Currently, NXC-201 just left the Phase 1b / 2 study phase, and the news proved excellent. The overall response rate was 92% and yielded a median progression-free survival rate of 12.3 months. Nexcella expects to submit new filings with the FDA once over 100 patients take the treatment.
There were some causes for concern with Immix, though this development certainly helps ameliorate them. Some were concerned about Immix’s cash burn rate. After all, biotech firms need a lot of cash to sustain operations until they hit that winner and bring it to shelves. But with a cash runway estimated at over three years as of last September, that may not be such a concern.
A look at the last five days in trading for Immix Biopharma stock shows that it was on a somewhat upward trend, to begin with. While the news of solid test results helped, all it did was accelerate a course that it was already on.
