H.C. Wainwright analyst Robert Burns reiterated a Buy rating on Nurix Therapeutics (NRIX – Research Report) today and set a price target of $19.00.
Robert Burns has given his Buy rating due to a combination of factors related to Nurix Therapeutics’ financial outlook and anticipated clinical milestones. Despite recording a narrower net loss than expected for FY2023, Nurix’s collaboration revenue fell short of the forecast, which prompted a reassessment of the company’s financials. Nevertheless, Burns believes that Nurix’s cash reserves are substantial enough to support operations until mid-2025, offering the company a solid runway to advance its clinical programs.
Burns also underscores the potential upcoming catalysts for Nurix, which include several key milestones expected in 2024 for its different drug candidates. He employs a discounted cash flow (DCF) valuation methodology, factoring in probabilities of approval for their leading drug candidates, to justify the $19 price target. Despite lowering the target from $35, the reiteration of the Buy rating is based on the long-term potential of Nurix’s drug development pipeline and the strategic valuation of the company’s assets, balanced against the risks inherent in clinical development and market dynamics.
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:
- 3 Best Stocks to Buy Now, 2/19/2024, According to Top Analysts
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- 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
