Nurix stock price target lifted to $36 at H.C. Wainwright

On Tuesday, H.C. Wainwright adjusted their valuation of Nurix shares, increasing the price target from $35.00 to $36.00, while reaffirming a Buy rating on the stock. According to InvestingPro data, analysts maintain a strong bullish consensus on Nurix, with price targets ranging from $16 to $41. The revision followed the release of Nurix’s financial results for the fourth fiscal quarter of 2024 (F4Q24), which were disclosed on Monday.

Nurix reported a net loss of $0.75 per share, which was marginally higher than the anticipated $0.64 per share loss projected by H.C. Wainwright. The company’s collaboration and license revenue for F4Q24 amounted to $13.3 million, falling short of the expected $15.0 million. The research and development (R&D) expenses for the quarter reached $67.2 million, surpassing estimates of $56.6 million, while selling, general, and administrative (SG&A) expenses came in at $10.7 million, below the forecasted $12.1 million.

Despite these figures, the firm ended the quarter with a robust balance sheet, reporting approximately $609.6 million in cash and cash equivalents. H.C. Wainwright analysts believe this financial position should provide Nurix with an operational runway extending into the first half of 2027.

The slight increase in the price target to $36 is attributed to an updated discounted cash flow (DCF)-based valuation assessment, which takes into account the company’s latest financial performance and outlook. The analyst’s statement highlighted the importance of adjusting the price target in response to the F4Q24 financial results while maintaining confidence in the company’s long-term prospects.

In other recent news, Nurix Therapeutics has seen significant advancements in its operations and financial standing. The biopharmaceutical company appointed John Northcott as its new Chief Commercial Officer, bolstering its executive team. Nurix is also preparing to advance its lead drug candidate, NX-5948, into pivotal clinical trials for chronic lymphocytic leukemia and other B-cell malignancies.

The company’s recent developments include the U.S. Food and Drug Administration granting Fast Track designation to NX-5948 for the treatment of adult patients with Waldenstrom’s macroglobulinemia. The European Medicines Agency has also granted the drug PRIME designation for the treatment of chronic lymphocytic leukemia or small lymphocytic lymphoma.

In terms of financial developments, Nurix plans to sell up to $300 million of its common stock through an equity distribution agreement with investment bank Piper Sandler & Co. Analyst firms H.C. Wainwright and UBS have maintained a Buy rating on the stock, with BMO Capital Markets setting a price target of $35.00 for Nurix shares.

Lastly, Anil Kapur, a veteran in the pharmaceutical sector, has been appointed to Nurix’s board of directors, a strategic move as the company prepares for pivotal clinical trials in 2025. These recent developments underline the growing interest in Nurix and its lead program, NX-5948.

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