In a report released on February 16, Christopher Liu from Leerink Partners reiterated a Buy rating on Nurix Therapeutics (NRIX – Research Report), with a price target of $28.00.
Christopher Liu of Leerink Partners has given his Buy rating due to a combination of factors that suggest Nurix Therapeutics’ potential for a near-term surge in investor interest. The anticipation of releasing additional clinical data for NX-5948, their lead asset, in mid-2024 is a key driver behind this optimistic outlook. This data, which is expected to arrive earlier than anticipated, will shed light on the drug’s efficacy in treating chronic lymphocytic leukemia (CLL) and B-cell malignancies. The fact that the company is pushing to expedite the Phase 1 clinical trial enrollment to move towards pivotal trials further reinforces the belief in a robust catalyst cadence for NRIX in the near future.
Moreover, Liu’s analysis suggests that the forthcoming clinical data for NX-5948 will likely be benchmarked against competitor drugs like BGNE’s BGB-16673, which adds a layer of market expectation and potential for outperformance. Although the data are still early and direct comparisons are tentative, NX-5948 has shown promise in a subset of patients who have previously undergone multiple lines of therapy, indicating its potential effectiveness in a high-risk patient group. Additionally, Nurix’s focus on patients with CNS involvement, a demographic not included in BGNE’s studies, could differentiate the drug and provide a unique competitive edge. Despite the partial clinical hold on another of Nurix’s assets, NX-2127, the overall portfolio and accelerated clinical progress of NX-5948 are key reasons for Liu’s Buy rating.
According to TipRanks, Liu is a 4-star analyst with an average return of 12.2% and a 46.34% success rate. Liu covers the Healthcare sector, focusing on stocks such as Exelixis, Nurix Therapeutics, and Cogent Biosciences.
In another report released on February 16, J.P. Morgan also maintained a Buy rating on the stock with a $30.00 price target.
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Nurix Therapeutics (NRIX) Company Description:
Nurix Therapeutics Inc is a biopharmaceutical company focused on the discovery, development and commercialization of oral, small molecule therapies designed to modulate cellular protein levels as a novel treatment approach for cancer and immune disorders. The company’s pipeline comprises targeted protein degraders of Brutons tyrosine kinase, or BTK, a B-cell signaling protein, and inhibitors of Casitas B-lineage lymphoma proto-oncogene-B, or CBL-B, an E3 ligase that regulates T cell activation. Its drug candidate from protein degradation portfolio, NX-2127, is an orally available BTK degrader for the treatment of relapsed or refractory B-cell malignancies. Its drug candidate from E3 ligase inhibitor portfolio, NX-1607, is an orally available CBL-B inhibitor for immuno-oncology indications.
Read More on NRIX:
- Nurix Therapeutics Reports Fourth Quarter and Fiscal Year 2023 Financial Results and Provides a Corporate Update
- Nurix Therapeutics reports Q4 EPS (77c), consensus (57c)
- NRIX Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Nurix Therapeutics Announces Publication in the Journal Science Identifying a New Class of BTK Mutations That Are Susceptible to NX-2127, a Novel BTK and IKZF1/3 Degrader
- Nurix Therapeutics announces publication in Science
