Needham analyst Gil Blum has reiterated their bullish stance on NRIX stock, giving a Buy rating on October 30.
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Gil Blum has given his Buy rating due to a combination of factors that highlight the competitive edge of Nurix Therapeutics’ drug, bexobrutideg (bexodeg), over its competitor BGB-16673. The recent updates from the ASH abstracts reveal that bexodeg has shown promising efficacy with an overall response rate (ORR) of 79%, which is comparable to BGB-16673’s 86%. However, bexodeg stands out with a more favorable safety profile, as only 5% of patients discontinued treatment compared to 18% for BGB-16673, and it required fewer dose reductions.
Furthermore, the long-term tolerability of bexodeg is crucial for its commercial success, especially given the need for chronic administration in treating conditions like chronic lymphocytic leukemia (CLL). The evolving data also underscores bexodeg’s higher selectivity, which is a significant advantage. These factors collectively support the Buy rating and the $26 target price, reflecting confidence in Nurix Therapeutics’ potential for sustained growth and market competitiveness.
In another report released on October 30, Oppenheimer also reiterated a Buy rating on the stock with a $28.00 price target.