Analyst Gil Blum from Needham maintained a Buy rating on Nurix Therapeutics (NRIX – Research Report) and keeping the price target at $27.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Gil Blum has given his Buy rating due to a combination of factors that highlight the potential of Nurix Therapeutics. The recent decision by Sanofi to exercise its option on Nurix’s STAT6 program, accompanied by a $15 million payment, is seen as a strong endorsement of Nurix’s platform. This move is particularly noteworthy in light of positive developments from other companies in the same space, such as Kymera, which has reported promising data for its own STAT6 degrader.
Nurix’s STAT6 program, including the oral degrader NX-3911, was developed using the company’s proprietary DEL-AI platform. This platform utilizes unique libraries of chemical binders, showcasing its innovative approach. The STAT6 pathway is a significant target due to its role in inflammatory conditions like atopic dermatitis and asthma, and the success of related treatments like Dupixent further underscores its potential. Additionally, Nurix stands to gain substantial milestone payments and retains co-development rights, enhancing the attractiveness of its stock.
In another report released on May 27, Stifel Nicolaus also maintained a Buy rating on the stock with a $35.00 price target.