The recent spatial and temporal coincidence of the blazar TXS 0506+056 with the IceCube-detected neutrino event IC-170922A has opened up a realm of multimessenger astronomy with blazar jets as a plausible site of cosmic-ray acceleration. After TXS 0506+056, a second blazar, BZB J0955+3551, was recently found to be spatially coincident with the IceCube-detected neutrino event IC-200107A and undergoing its brightest X-ray flare measured so far. Here we present the results of our multifrequency campaign to study this peculiar event that includes observations with the NuSTAR, Swift, Neutron star Interior Composition Explorer (NICER), and 10.4 m Gran Telescopio Canarias (GTC). The optical spectroscopic observation from GTC secured its redshift as = -+ z 0.55703 0.00021 0.00033 and the central black hole mass as 10 8.90 0.16 M . Both NuSTARand NICERdata reveal a rapid flux variability, albeit at low significance ( s 3.5 ). We explore the origin of the target photon field needed for the photopion production using analytical calculations and considering the observed optical-to-X-ray flux level. We conclude that seed photons may originate from outside the jet, similar to that reported for TXS 0506+056, although a scenario invoking a comoving target photon field (e.g., electron synchrotron) cannot be ruled out. The electromagnetic output from the neutrino-producing photohadronic processes are likely to make only a subdominant contribution to the observed spectral energy distribution, suggesting that the X-ray flaring event may not be directly connected with IC-200107A.