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Investing.com - UBS has lowered its price target on Nurix Therapeutics (NASDAQ:NRIX) to $26.00 from $30.00 while maintaining a Buy rating, citing increased operational expenses. According to InvestingPro data, analyst targets for the $1 billion market cap company range from $16 to $41, with the stock currently trading at $13.18.
The adjustment follows Nurix’s second-quarter 2025 financial results and corporate updates, which included progress on its lead program bexobrutideg (NX-5948), a bruton tyrosine kinase (BTK) degrader. While the company maintains a strong cash position with more cash than debt and a healthy current ratio of 6.26, InvestingPro analysis indicates rapid cash burn, which investors should monitor closely.
UBS noted that Nurix presented updated Phase 1a/b data for bexobrutideg in relapsed/refractory chronic lymphocytic leukemia and Waldenström’s macroglobulinemia at EHA 2025, demonstrating deepening response rates and a favorable safety profile.
The company plans to initiate two pivotal trials in the second half of 2025, including a single-arm trial in third-line-plus CLL patients for accelerated approval and a randomized confirmatory trial in second-line-plus BTK inhibitor-naïve patients.
Nurix expects to report Phase 1 dose escalation data in the second half of 2025 for both zelebrudomide in B cell lymphoma and NX-1607 in solid tumors, with additional clinical updates for autoimmune degraders IRAK4 and STAT6 anticipated in 2026.
In other recent news, Nurix Therapeutics reported financial results for its fiscal second quarter, exceeding expectations with significant collaboration revenue. The company posted a quarterly net loss of $43.5 million, or -$0.52 per share, outperforming analyst projections of -$0.74 per share. Revenue soared to $44.1 million, surpassing the anticipated $17.5 million, largely due to $30 million in license revenue from Sanofi (NASDAQ:SNY) extensions and a $5 million milestone from a Gilead (NASDAQ:GILD) collaboration. Research and development expenses increased to $78.1 million, reflecting accelerated patient enrollment in trials for bexobrutideg, a key investigational drug. Nurix ended the quarter with $485.8 million in cash and securities, down from $609.6 million in the previous quarter.
Goldman Sachs initiated coverage on Nurix with a Buy rating and a $182 price target, citing enthusiasm for the Crenessity drug launch to address congenital adrenal hyperplasia. The firm expressed a conservative outlook on Ingrezza’s commercial potential due to anticipated negotiations under the Inflation Reduction Act in 2027. Stifel reiterated its Buy rating with a $35 price target, projecting peak sales exceeding $4.5 billion for bexobrutideg in chronic lymphocytic leukemia treatment. Stifel’s model assumes modest market share gains and excludes potential revenue from other drug candidates, which it suggests could surpass bexobrutideg’s sales estimates. These developments reflect Nurix’s strategic focus on advancing its drug pipeline and collaborations.
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