In a report released yesterday, Derek Archila from Wells Fargo maintained a Buy rating on Nurix Therapeutics (NRIX – Research Report), with a price target of $20.00.
Derek Archila’s Buy rating for Nurix Therapeutics is influenced by several key factors that indicate potential growth and value for investors. The company’s comprehensive pipeline updates expected in 2024, particularly for their drug candidate NX-5948, show promise in the inflammation and immunology (I&I) sector. Archila believes that the market has yet to fully appreciate Nurix’s strategic move into I&I, and he foresees significant upside potential through possible partnerships, especially in larger indications like rheumatoid arthritis (RA) and multiple sclerosis (MS). This underappreciation presents an opportunity for investors as these programs progress.
Furthermore, Archila notes the ongoing efforts to resolve a partial clinical hold on NX-2127 and anticipates a launch in 2027 for chronic lymphocytic leukemia (CLL), despite a conservative adjustment to the timeline. The anticipation of milestones throughout 2024, including data presentations and the nomination of a new targeted protein degradation (TPD) candidate, adds to the positive outlook. With Nurix ending the fiscal year 2023 with sufficient cash to support its operations into 2026 without the need for additional funding, Archila adjusts the price target accordingly. He also argues that the stock remains undervalued given the de-risked nature of NX-2127 and NX-5948 and sees potential for the stock to perform well with forthcoming data and further platform partnerships.
In another report released today, Needham also maintained a Buy rating on the stock with a $31.00 price target.
NRIX’s price has also changed slightly for the past six months – from $8.980 to $9.850, which is a 9.69% increase.
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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
- 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
- FDA grants ‘Fast Track’ for Nurix’s for NX-5948 to treat r/r CLL/SLL
