Analyst Jeet Mukherjee from BTIG maintained a Buy rating on Nurix Therapeutics and keeping the price target at $27.00.
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Jeet Mukherjee has given his Buy rating due to a combination of factors surrounding the promising data updates from Nurix Therapeutics. The recent data for their BTK degrader, bexobrutideg, in patients with relapsed/refractory chronic lymphocytic leukemia (CLL) and Waldenström Macroglobulinemia (WM) has been encouraging. The phase 1a/1b trial results showed a consistent overall response rate (ORR) and improved safety profile, which are crucial indicators of the drug’s potential efficacy and tolerability.
In CLL patients, the trial demonstrated a nearly doubled evaluable patient population with a stable ORR and a decrease in the prevalence of top adverse events, except for a slight increase in neutropenia. This suggests a favorable safety profile as the study progresses. Additionally, in WM, the ORR remained high with an extended median follow-up period, indicating sustained efficacy. These positive data points, coupled with the initiation of pivotal phase 2 and upcoming phase 3 studies, support the potential of bexobrutideg as a viable treatment option, justifying the Buy rating.
In another report released today, Needham also reiterated a Buy rating on the stock with a $26.00 price target.