Nurix stock price target raised to $29 by RBC Capital on pipeline progress

Investing.com - RBC Capital has raised its price target on Nurix Therapeutics (NASDAQ:NRIX) to $29.00 from $28.00 while maintaining an Outperform rating on the stock. Currently trading at $10.74 with a market cap of $823 million, InvestingPro data shows the stock has demonstrated strong returns over the past month despite its volatile nature.

The price target increase follows Nurix’s announcement of a pivotal study initiation and pipeline updates, which RBC Capital views as positive developments for the company’s bexarotene-degrader (bex-deg) program in chronic lymphocytic leukemia (CLL). Analyst consensus remains bullish, with targets ranging from $15 to $41, according to InvestingPro data.

RBC Capital notes these developments should support bex-deg’s initial late-line CLL opportunity while Nurix prepares to launch its second-line-plus confirmatory study in the first half of 2026.

The research firm believes bex-deg has demonstrated a competitive profile to date, with potential for additional supportive data at the upcoming American Society of Hematology (ASH) meeting, including expansion data and possibly response durability and progression-free survival information.

RBC Capital also highlights "meaningful optionality" in Nurix’s immunology and inflammation collaborations, specifically mentioning STAT6 and IRAK4 programs, where data from other companies’ programs could provide positive read-throughs for Nurix’s degrader platform.

In other recent news, Nurix Therapeutics has reported several key developments. The company has initiated its pivotal DAYBreak Phase 2 study of bexobrutideg for patients with relapsed or refractory chronic lymphocytic leukemia (CLL), marking a significant step in its clinical trials. In financial news, Nurix has priced a $250 million common stock offering, with the transaction expected to close soon, pending customary conditions. Analyst firm Mizuho has initiated coverage on Nurix with an Outperform rating, citing the potential of its BTK inhibitor in treating CLL. H.C. Wainwright has reaffirmed its Buy rating on Nurix after reviewing Phase 1a data for its CBL-B inhibitor NX-1607, although it lowered the stock’s price target to $33 due to higher expenses. The company’s recent financial results revealed a net loss of $1.03 per share for the fiscal third quarter, surpassing H.C. Wainwright’s previous estimate of a $0.68 loss. Additionally, Nurix reported $7.9 million in collaboration and license revenue, falling short of the expected $30 million. These developments reflect ongoing activities and financial adjustments within Nurix Therapeutics.

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