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Nurix Therapeutics, Inc. (NASDAQ:NRIX), a pharmaceutical company currently valued at $727 million, announced the results of its Annual Meeting held on Monday. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt and a healthy current ratio of 6.26x, though it faces challenges with rapid cash burn. The meeting, which was webcast live, saw the participation of approximately 85.33% of eligible voting shares, establishing a quorum.
During the meeting, stockholders voted on three proposals. The first was the election of three Class II directors to the Board, each to serve a three-year term expiring at the 2028 annual meeting. The elected directors are Judith A. Reinsdorf, Edward C. Saltzman, and Roy D. Baynes. Reinsdorf received 43,571,416 votes for and 17,651,464 withheld, Saltzman had 50,302,518 votes for and 10,920,362 withheld, and Baynes secured 60,821,712 votes for with 401,168 withheld. All nominees were elected, and broker non-votes counted for each nominee were 3,833,317.
The second proposal was the ratification of PricewaterhouseCoopers LLP as Nurix’s independent registered public accounting firm for the fiscal year ending November 30, 2025, which received overwhelming support with 64,950,599 votes for, 85,040 against, and 20,558 abstentions.
Lastly, the non-binding advisory vote on the compensation of the company’s named executive officers was approved, with 49,788,975 votes for, 11,341,365 against, and 92,540 abstentions. Broker non-votes for this proposal were also 3,833,317.
The results indicate stockholder confidence in the current management and strategic direction of the company. This comes despite challenging market conditions, with InvestingPro analysis showing the stock has declined 58% over the past six months. Currently, the stock appears undervalued according to InvestingPro’s Fair Value model, with analysts setting price targets ranging from $16 to $41. This information is based on a press release statement filed with the SEC and InvestingPro’s comprehensive research report, which provides detailed analysis of 1,400+ US stocks including NRIX.
In other recent news, Nurix Therapeutics has made significant strides in its drug development efforts. The company recently presented promising preclinical data at the American Association for Cancer Research 2025 Annual Meeting, showcasing advances in protein degradation therapies for cancer treatment. Nurix’s bexobrutideg, a small molecule degrader, is currently in a Phase 1a/b clinical trial for B cell malignancies, while its BRAF degrader, NRX-0305, has shown effectiveness across multiple cancer types. Furthermore, Nurix’s IRAK4 degrader, GS-6791/NX-0479, has received FDA approval to commence Phase 1 clinical trials, marking a milestone in its partnership with Gilead Sciences (NASDAQ:GILD).
Analyst firms have also adjusted their outlook on Nurix. UBS reduced its price target to $30 from $35 but maintained a Buy rating, citing increased operating expenses due to upcoming pivotal trials. Stifel revised its price target to $35 from $36, also maintaining a Buy rating, while Stephens adjusted its target to $30 from $31, keeping an Overweight rating. These analysts highlight Nurix’s progress with its lead drug candidate, bexobrutideg, and its potential in the chronic lymphocytic leukemia market. Additionally, Nurix’s collaboration with Sanofi (NASDAQ:SNY) has led to achieving milestones and extending a license for a program targeting autoimmune diseases. These developments reflect Nurix’s ongoing efforts to advance its pipeline and bring innovative treatments to patients.
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