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On Tuesday, Stifel analysts reiterated a Buy rating and maintained a $35.00 price target on Nurix stock (NASDAQ: NRIX), which currently trades at $12.14. According to InvestingPro data, analyst targets range from $16 to $41, with a strong consensus recommendation of 1.56 (where 1 is Strong Buy). The decision follows the announcement that Sanofi (NASDAQ:SNY) exercised its option to exclusively license Nurix’s STAT6 degrader development candidate, now known as NX-3911.
The announcement, made on Monday, was seen as a positive development, addressing investor concerns about the viability of the STAT6 degrader candidate and Sanofi’s intentions. STAT6 is a transcription factor within the IL-4/IL-13 signaling pathways, previously considered difficult to target, and plays a role in inflammation related to allergic conditions. InvestingPro analysis shows Nurix maintains strong liquidity with a current ratio of 6.26, though the company is currently unprofitable with significant cash burn.
As part of the licensing agreement, Nurix will receive a $15 million license extension fee. The company is also eligible for up to $465 million in future development, regulatory, and commercial milestones, along with royalties on net product sales. Nurix retains the option to co-develop and co-promote up to two product candidates in the U.S., while receiving royalties outside the U.S.
Nurix plans to present updated data on its bexobrutideg trials at the upcoming European Hematology Association meeting from June 12-15. The company expects these updates to provide insights into the durability of response and safety of the treatment, with additional data disclosures anticipated by the end of 2025. The stock has shown strong momentum with a 24% return over the past week, though it remains volatile with a beta of 2.16. For deeper insights into Nurix’s financial health and growth prospects, including 8 additional ProTips and comprehensive valuation metrics, visit InvestingPro.
In other recent news, Nurix Therapeutics has received a $15 million license extension fee from Sanofi, related to the development of its STAT6 program. This payment raises Nurix’s total receipts from Sanofi to $127 million under their ongoing collaboration, which began in 2019. The extension signifies Sanofi’s continued interest in Nurix’s drug candidate NX-3911, which targets type 2 inflammation. Nurix could potentially earn up to $465 million in milestones and royalties from this collaboration. Additionally, Nurix has reported promising preclinical data on its cancer drug candidates, including bexobrutideg and NRX-0305, which are being tested for efficacy in various cancers. The company has also advanced its IRAK4 degrader, GS-6791/NX-0479, into Phase 1 clinical trials with FDA approval, marking a significant milestone in its partnership with Gilead Sciences (NASDAQ:GILD). This trial will evaluate the safety of GS-6791/NX-0479, which has shown promise in preclinical models for treating inflammatory conditions. Furthermore, Nurix held its Annual Meeting, where stockholders elected three directors and ratified PricewaterhouseCoopers as the company’s accounting firm. These developments underscore Nurix’s active engagement in advancing its therapeutic pipeline and strengthening its strategic partnerships.
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