Leerink analyst Faisal A. Khurshid initiated coverage of Nurix Therapeutics (NRIX) with a Market Perform rating and $16 price target The firm notes the company is developing early-stage protein degraders in oncology and I&I. While the early data for BTK degrader NX-5948 in CLL are compelling, Leerink has reservations on the path to value creation without a strategic partner. The firm is optimistic on the prospects in I&I for NX-5948 and partnered programs, but these programs are in highly competitive spaces, and Leerink would need to see further progress to have higher conviction.
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