Nurix Therapeutics Gains Buy Rating Amid Strong Clinical Advances for CLL Drug NX-5948

In a report released on May 14, Joel Beatty from Robert W. Baird maintained a Buy rating on Nurix Therapeutics (NRIX – Research Report), with a price target of $25.00.

Joel Beatty has given his Buy rating due to a combination of factors reflecting positive developments in Nurix Therapeutics’ clinical progress. One of the primary reasons for the positive outlook is the updated overall response rate (ORR) of 70% for their drug NX-5948 in treating Chronic Lymphocytic Leukemia (CLL), which is at the upper end of the expected 50-70% range anticipated by investors. Moreover, this updated ORR suggests a competitive stance against similar drugs in the market, confirming the drug’s potential for successful adoption and commercialization.
Additionally, the abstract indicates that higher doses of NX-5948 lead to faster responses in patients, with initial responses observed at the earliest assessed time point. The data also suggests that the responses are durable and deepen over time, with all seven responses being ongoing as of the latest data cutoff. The safety profile of the drug appears consistent and favorable, aligning with previous data, further strengthening the case for its potential market success. These factors, combined with the expectation of more comprehensive data to be revealed at an upcoming conference, underpin Beatty’s confidence in the stock’s performance.

In another report released yesterday, Stifel Nicolaus also maintained a Buy rating on the stock with a $27.00 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.