Stifel Raises Price Target for Nurix Therapeutics (NRIX) to $30, Maintains 'Buy' Rating
Stifel has adjusted its outlook for Nurix Therapeutics Inc. (NASDAQ:NRIX), increasing the price target to $30 from $27 while maintaining a 'Buy' rating. The revision comes after the company's second-quarter fiscal year 2024 earnings report and corporate update, which met expectations.
The firm sees upcoming data as a potential boost for Nurix, especially the disclosure of dose-escalation data for NX-5948, a treatment for Chronic Lymphocytic Leukemia (CLL) and Non-Hodgkin Lymphoma (NHL) expected by the end of calendar year 2024. This data is anticipated to strengthen existing efficacy results and safety profile.
Additionally, Stifel notes the significance of data from the Phase 1 NX-1607 trial, expected by the end of 2024, and Nurix's strong financial position with over $450 million in cash as of the second quarter of fiscal year 2024.
Analysts have revised the probability of success for BTK degrading assets to 35%, up from 25%, and maintained long-term estimates for Nurix, despite the updated target price.
InvestingPro Insights provide more context, highlighting Nurix's market cap of $1.5 billion, revenue growth, and stock performance. The company's financial stability, positive earnings revisions, and strong returns over various periods suggest confidence in its future performance.
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In conclusion, Stifel's optimistic outlook on Nurix, supported by InvestingPro insights, indicates a promising future for the company. Investors should consider the potential catalysts, financial stability, and positive market trends when evaluating Nurix as an investment opportunity.