Why Did SVB Leerink Beef Up Target Price For Nurix Therapeutics?

Loading...
Loading...
  • 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.
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: BiotechLong IdeasNewsHealth CarePrice TargetSmall CapAnalyst RatingsMoversTrading IdeasGeneralBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...