- SVB Leerink raised the price target on Nurix Therapeutics Inc NRIX to $64 from $50, with an Outperform rating, seeing an upside of almost 92%.
- Analyst Christopher Liu notes that Nurix presented preliminary NX-2127 pharmacokinetics/pharmacodynamics data.
- Liu believes that this data is "encouraging," as the asset, at the second dose level of 200 mg QD, demonstrated 91%-plus BTK degradation, which is similar to or higher than the BTK occupancy rate for BTK inhibitors.
- In addition, no key adverse events associated with BTK inhibitors were observed, which could facilitate differentiation in CLL and potentially open up the DLBCL opportunity, he contends.
- As a result, the analyst increased his weighted average probability of success for NX-2127 in CLL from 23% to 33%.
- Last week, SVB initiated coverage on Nurix with a price target of $50, an upside of approximately 50%.
- Price Action: NRIX shares are up 18.50% at $34.31 during the market session on the last check Wednesday.
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