Analyst Faisal Khurshid from Leerink Partners reiterated a Hold rating on Nurix Therapeutics (NRIX – Research Report) and keeping the price target at $16.00.
Faisal Khurshid has given his Hold rating due to a combination of factors surrounding Nurix Therapeutics’ current position and future prospects. The company is advancing its BTK degrader, bexobrutideg, into pivotal development for CLL, with a significant update expected mid-year. However, the competitive landscape is challenging, with comparable products from competitors like ONC advancing in their development stages, which could impact Nurix’s market position.
Additionally, the upcoming licensing decision from SAN FP on a STAT6 degrader candidate could be a pivotal moment for the company, potentially influencing its stock value. While there are promising developments, the uncertainty surrounding these factors and the competitive environment contribute to the Hold rating, as investors await more concrete data and strategic decisions that could affect the company’s trajectory.
Khurshid covers the Healthcare sector, focusing on stocks such as Pliant Therapeutics, aTyr Pharma, and Trevi Therapeutics. According to TipRanks, Khurshid has an average return of 22.2% and a 40.00% success rate on recommended stocks.