Stifel Nicolaus analyst Stephen Willey has maintained their bullish stance on NRIX stock, giving a Buy rating yesterday.
Don’t Miss TipRanks’ Half Year Sale
- Take advantage of TipRanks Premium for 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.
Stephen Willey has given his Buy rating due to a combination of factors surrounding Nurix Therapeutics’ recent developments and strategic partnerships. The announcement that Sanofi (SNY) has exercised its option to license Nurix’s STAT6 degrader candidate, NX-3911, is seen as a positive move that alleviates investor concerns about the viability of this candidate. The STAT6 degrader targets a previously undruggable transcription factor involved in inflammation pathways, which adds significant value to Nurix’s portfolio.
Additionally, the financial implications of this partnership are substantial, with Nurix receiving a $15 million license extension fee and the potential for up to $465 million in future milestones and royalties. Nurix also retains the option to co-develop and co-promote products in the U.S., allowing them to maintain significant involvement in the commercialization process. These strategic advantages, combined with upcoming data presentations and the potential for additional product opportunities within the Sanofi collaboration, underpin Willey’s optimistic outlook on Nurix’s stock.
In another report released yesterday, Oppenheimer also reiterated a Buy rating on the stock with a $32.00 price target.
NRIX’s price has also changed dramatically for the past six months – from $21.490 to $12.140, which is a -43.51% drop .