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Investing.com - H.C. Wainwright has reiterated a Buy rating on Nurix (NASDAQ:NRIX) with a price target of $36.00 following the company’s presentation of updated clinical data at the European Hematology 2025 annual meeting. Currently trading at $11.39 with a market cap of $868 million, Nurix appears undervalued according to InvestingPro analysis, with analyst targets ranging from $16 to $41.
The data presented focused on NX-5948, Nurix’s orally available Bruton’s tyrosine kinase (BTK) degrader, which is being evaluated in a Phase 1a/1b trial for patients with relapsed or refractory B-cell malignancies, including chronic lymphocytic leukemia (CLL) and Waldenstrom macroglobulinemia. InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 6.26, though it’s currently burning through cash reserves.
In the dose escalation cohort ranging from 50mg to 600mg, NX-5948 demonstrated an 80.9% overall response rate (ORR) with a 2.1% complete response (CR) rate among 47 evaluable CLL patients.
The patient population in the study had received a median of four prior treatments, with 97.9% having prior BTK inhibitor exposure, 97.9% prior covalent BTK inhibitor treatment, and 81.3% prior treatment with both BTK inhibitors and BCL2 inhibitors.
The study population also included patients with genetic mutations, with 38.3% having BTK mutations and 14.9% with PLCG2 mutations, factors that can contribute to treatment resistance in CLL patients.
In other recent news, Nurix Therapeutics has reported significant developments concerning its drug pipeline and strategic partnerships. The company announced updated Phase 1a/b trial data for its BTK degrader, bexobrutideg, demonstrating promising clinical activity in chronic lymphocytic leukemia (CLL) and Waldenström’s macroglobulinemia (WM) patients, with response rates of 81% and 84%, respectively. UBS reiterated a Buy rating with a $30 price target, highlighting bexobrutideg’s potential advantages over competitor drugs. Meanwhile, RBC Capital raised its price target for Nurix to $28, citing the promising potential of the company’s lead drug candidate, bexdeg, in treating BTK inhibitor-resistant tumors.
Additionally, Nurix’s collaboration with Sanofi (NASDAQ:SNY) has progressed, with Sanofi exercising its option to exclusively license Nurix’s STAT6 degrader candidate, NX-3911, resulting in a $15 million license extension fee for Nurix. This agreement makes Nurix eligible for up to $465 million in future milestones and royalties. Stifel analysts maintained a Buy rating and a $35 price target on Nurix stock, viewing the Sanofi deal as a positive development. The collaboration underscores the potential of Nurix’s drug discovery platform, which focuses on targeted protein degradation to develop new treatments.
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