Oppenheimer bullish on Nurix as Sanofi opt-in, competitor data derisk STAT6

Oppenheimer notes that Nurix (NRIX) announced that Sanofi (SNY) has exercised its option to exclusively license Nurix’s STAT6 program, including the newly nominated development candidate, NX-3911. The firm thinks this decision highlights Sanofi’s confidence in the target. At the same time, competitor Kymera Therapeutics (KYMR) reported highly positive Phase 1 results for its own STAT6 program, further validating the approach and investor enthusiasm. The blockbuster success of Dupilumab-generating over $14B in annual sales-demonstrates the immense commercial potential of targeting IL-4 and IL-13, with STAT6 serving as the central signaling node for these cytokines. The agreement brings Nurix a $15M upfront payment, with additional milestone and royalty opportunities, Oppenheimer adds. Importantly, Nurix retains the right to co-develop and co-promote NX-3911 in the U.S. with Sanofi. The firm reiterates an Outperform rating on Nurix with a price target of $32 on the shares.