How are energy investors positioned?
On Tuesday, Stephens research firm adjusted its price target for Nurix Therapeutics (NASDAQ:NRIX), reducing it to $30.00 from the previous $31.00, while continuing to recommend an Overweight rating for the stock. Currently trading at $9.26, the stock has seen a significant decline of about 51% year-to-date, with InvestingPro data showing the stock is currently in oversold territory. The adjustment came after Nurix disclosed its first-quarter financial results and corporate updates.
Nurix reported on Monday that it is making strides with its leading drug candidate, bexobrutideg (formerly known as NX-5948), as it prepares to launch a series of pivotal trials aimed at obtaining global registration for the treatment of chronic lymphocytic leukemia (CLL) in 2025. Additionally, the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation to bexobrutideg for the treatment of Waldenstrom macroglobulinemia (WM) within the first quarter of 2025. According to InvestingPro analysis, the company maintains a strong liquidity position with a current ratio of 6.46, though it's currently burning through cash rapidly.
The company also shared news of progress in its collaboration with Sanofi (NASDAQ:SNY), which includes achieving milestones and a license extension for an exclusive license to an undisclosed program. This program targets a transcription factor previously considered undruggable and is related to autoimmune diseases. This development is separate from their ongoing STAT6 degrader program.
Stephens analysts view these advancements as a positive indication of Nurix's potential to see its stock price rise by the end of 2025. In light of the recent developments, the firm has updated its earnings per share (EPS) forecasts for fiscal years 2025 and 2026 to ($2.92) and ($2.66), respectively, from the prior estimates of ($3.18) and ($3.00).
The research firm reaffirmed its Overweight/Volatile rating on Nurix stock and expressed confidence in the company's ongoing progress, despite the slight reduction in the price target to $30.00. With analyst targets ranging from $16 to $41, InvestingPro analysis suggests the stock is currently undervalued. Subscribers can access 10+ additional ProTips and a comprehensive Pro Research Report, offering deeper insights into Nurix's financial health and growth potential.
In other recent news, Nurix Therapeutics has reported several significant developments. The company disclosed its fiscal first-quarter 2025 earnings, with analysts from BTIG maintaining a Neutral rating and a price target of $35.00. Stifel analysts also reiterated their Buy rating, highlighting Nurix's lead asset, bexobrutideg, which is progressing in the chronic lymphocytic leukemia market. Additionally, Nurix has received Orphan Drug Designation from the FDA for bexobrutideg, aimed at treating Waldenström macroglobulinemia, a rare non-Hodgkin's lymphoma.
In collaboration news, Nurix has expanded its partnership with Sanofi, securing a $15 million license extension fee for a novel program targeting autoimmune diseases. This collaboration could potentially yield up to $465 million in additional payments upon achieving certain milestones. H.C. Wainwright analysts reaffirmed a Buy rating with a $36 price target, citing Nurix's innovative drug discovery efforts. The company also plans to advance its IRAK4 program with a Phase I study and anticipates updates on its NX-2127 and NX-1607 programs. These recent developments reflect Nurix's ongoing strategic initiatives and partnerships in the biopharmaceutical sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.