BofA warns Fed risks policy mistake with early rate cuts
On Wednesday, Truist Securities began coverage on Nurix Therapeutics stock, a company traded on NASDAQ under the ticker NASDAQ:NRIX. The firm issued a Buy rating on the stock, accompanied by a price target of $36.00.
The coverage initiation stems from several key investment points highlighted by the firm, notably Nurix's position as a leader in the targeted protein degradation (TPD) market.
Nurix's lead drugs, which focus on degrading Bruton's tyrosine kinase (BTK), a validated target for B-cell cancers, have demonstrated early and broad activity. This effectiveness supports the potential of these drugs to replace current BTK inhibitors, which represent a multi-billion dollar market. Truist Securities also points out the favorable risk/benefit profile of Nurix's lead asset.
The firm anticipates multiple catalysts in the next 6-12 months that could provide upside potential for Nurix's stock. These include developments in the company's in-house platform, which has the capacity to extend its pipeline beyond B-cell cancers. The platform's potential has already been recognized through partnerships with major pharmaceutical companies.
Financially, Truist Securities has modeled unadjusted and adjusted peak sales for Nurix at $3.45 billion and $1.11 billion, respectively. According to the firm, these projections are not currently reflected in the stock's price. Additionally, the firm notes that Nurix has a cash runway extending over two years, providing financial stability for the company's operations and research.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.