Needham analyst Gil Blum reiterated a Buy rating on Nurix Therapeutics (NRIX – Research Report) today and set a price target of $27.00.
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Gil Blum’s rating is based on the promising clinical data and safety profile of Nurix Therapeutics’ drug, bexobrutideg (bexo), in treating challenging cases of chronic lymphocytic leukemia (CLL) and Waldenstrom macroglobulinemia (WM). The recent data presented at the European Hematological Association meeting showed an impressive overall response rate (ORR) of 81% in CLL patients and 85% in WM patients, which is comparable to competing treatments. Importantly, the safety profile of bexo remains favorable, with no new patient deaths reported and a lower incidence of adverse effects compared to similar drugs.
Furthermore, the results demonstrated the drug’s efficacy irrespective of BTK mutation status and even in patients with central nervous system involvement, highlighting its potential as a robust treatment option. Nurix plans to present these encouraging results at upcoming medical meetings, which could further validate bexo’s clinical benefits. Given these factors, Gil Blum maintains a Buy rating with a price target of $27, reflecting confidence in bexo’s continued clinical success and market potential.
Blum covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Autolus Therapeutics, and Immunocore Holdings. According to TipRanks, Blum has an average return of -13.7% and a 30.43% success rate on recommended stocks.
In another report released on May 7, Piper Sandler also reiterated a Buy rating on the stock with a $35.00 price target.