Nurix (NRIX) PT Lowered to $30 at UBS

UBS analyst David Dai lowered the price target on Nurix (NASDAQ: NRIX) to $30.00 (from $35.00) while maintaining a Buy rating.

The analyst commented, "NRIX reported 1Q25 financial results and provided corporate updates. Lead program bexobrutideg (NX-5948), a bruton tyrosine kinase (BTK) degrader, continues Phase 1b trial enrollment in chronic lymphocytic leukemia (CLL). We expect NRIX to report updated durability data (DoR and PFS) in mid-/2H25 and believe pirtobrutinib's 12.2 months mDOR as the key clinical benchmark. Additionally, NRIX is initiating 2 registrational trials for bexobrutideg in CLL in 2025: a single-arm trial in 3L+ (post BTKi/BCLi) CLL for accelerated approval and a randomized confirmatory trial in 2L+ CLL. Initial Phase 1 dose escalation data are expected in 2025 for NX-2127 in B cell lymphoma and NX-1607 in solid tumors. With multiple data catalysts in 2025 and stock trading at 52-week low, we see asymmetric upside. Maintain Buy and adjust our PT to $30 (vs. $35 prior) to incorporate increased OpEx for pivotal trials."

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