Street Calls of the Week
Investing.com - Leerink Partners has lowered its price target on Nurix (NASDAQ:NRIX) to $12.00 from $16.00 while maintaining a Market Perform rating. The stock, which has seen a strong 15.8% return over the past week, currently trades at $10.86. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value assessment.
The adjustment follows Nurix’s third-quarter 2025 earnings report and pipeline update, which included designs for pivotal and confirmatory trials of its BTK degrader bexobrutideg (bexdeg) in chronic lymphocytic leukemia (CLL). Management confirmed the pivotal trial remains on track for initiation in the fourth quarter of 2025.
Leerink Partners expressed concerns about Nurix’s development of bexdeg without a strategic partner, citing high costs, limited cash runway, and competitive intensity in the market. The firm noted that while clarity on trial design represents an important milestone, Nurix currently lacks sufficient funds to complete these studies.
The accelerated approval study will be a single-arm Phase 2 trial of approximately 100 patients, while the confirmatory Phase 3 trial will use a physician’s choice comparator with 400-500 patients. Leerink compared this approach to competitor BeiGene’s more aggressive head-to-head trial against Eli Lilly’s pirtobrutinib.
The next catalyst for Nurix will likely be an update from the bexdeg Phase 1 study, expected at the upcoming ASH (American Society of Hematology) meeting.
In other recent news, Nurix Therapeutics reported third-quarter financial results that did not meet analyst expectations. The company posted a loss of $1.03 per share, which was significantly wider than the anticipated loss of $0.83 per share. Revenue for the quarter was $7.89 million, falling short of the $16.05 million consensus estimate and a decline from $12.6 million in the same period the previous year. This revenue drop was mainly due to reduced collaboration revenue from Sanofi, as the initial research term for certain drug targets concluded. These developments have occurred despite the company’s progress in its clinical development programs.
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