Analyst Gil Blum from Needham maintained a Buy rating on Nurix Therapeutics (NRIX – Research Report) and decreased the price target to $27.00 from $28.00.
Gil Blum has given his Buy rating due to a combination of factors including Nurix Therapeutics’ robust financial standing and strategic collaborations. The company reported a solid cash reserve of approximately $550 million, which is expected to support operations until the first half of 2027. Additionally, Nurix’s recent financial results were bolstered by $18.5 million in collaboration revenue and a $15 million license extension fee from Sanofi, indicating strong partnerships and revenue streams.
Furthermore, Nurix is making significant progress in its clinical pipeline, particularly with its lead BTK degrader, which is poised to enter multiple pivotal studies for chronic lymphocytic leukemia (CLL) this year. The upcoming oral presentation at the AACR meeting, focusing on their DEL-AI platform, underscores the company’s innovative approach and potential for future growth. These elements collectively support the Buy rating despite a minor adjustment in the price target.
In another report released today, Barclays also maintained a Buy rating on the stock with a $31.00 price target.