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Investing.com - Goldman Sachs initiated coverage on Nurix (NASDAQ:NRIX) with a Buy rating and set a price target of $182.00. Currently trading at $13.18, the stock has shown significant volatility with a beta of 2.15. According to InvestingPro data, Nurix maintains a market capitalization of approximately $1 billion.
The investment bank’s research note highlights expectations that Nurix’s Crenessity drug launch will help offset potential headwinds to Ingrezza growth in the latter half of this decade.
Goldman Sachs based its positive outlook on key opinion leader (KOL) checks that revealed "significant enthusiasm" for Crenessity in treating congenital adrenal hyperplasia.
The firm also noted that its precedent launch analysis shows "significant conservatism" in current consensus estimates for Crenessity’s near-term performance.
Goldman Sachs further mentioned it has taken a "relatively conservative assessment" of the commercial outlook for Ingrezza following Austedo’s Inflation Reduction Act negotiation expected in 2027.
In other recent news, Nurix Therapeutics reported impressive financial results for its fiscal second quarter, ending May 31, 2025. The company posted a net loss of $43.5 million, or -$0.52 per share, surpassing analyst expectations of -$0.74 per share. Revenue soared to $44.1 million, significantly exceeding the projected $17.5 million and up from $12.1 million in the same quarter last year. The revenue boost was largely due to $30 million in license revenue from Sanofi (NASDAQ:SNY) license extensions and a $5 million clinical milestone achieved with Gilead (NASDAQ:GILD). Research and development expenses rose to $78.1 million, driven by accelerated patient enrollment for their investigational oral BTK degrader, bexobrutideg. Additionally, Nurix ended the quarter with $485.8 million in cash and equivalents, down from $609.6 million as of November 30, 2024. In analyst developments, Stifel reiterated its Buy rating for Nurix with a $35.00 price target, projecting peak sales of $4.5 billion for bexobrutideg in chronic lymphocytic leukemia treatment. The firm expects significant revenue from the U.S. market and highlights the potential for future growth.
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