Nurix (NRIX) PT Raised to $30 at Mizuho

Mizuho analyst Joseph Catanzaro raised the price target on Nurix (NASDAQ: NRIX) to $30.00 (from $24.00) while maintaining a Outperform rating.

The analyst comments "At ASH, we hosted a CLL KOL to discuss the updated data (note here) from the emerging BTK degrader class, as well as the overall CLL treatment landscape. Importantly, our KOL believes NRIX's bexobrutideg was shaping up to have a more favorable profile vs. ONC's BGB-16673. For the moment this is largely based on safety, but the KOL believes that bexdeg's 600 mg dose (which they saw as a wholly appropriate move-forward dose) could translate to other benefits (i.e. depth and durability of response). Separate from the 2L+ opportunity, potential strategies around frontline development admittedly feel complicated given the current evolving state of 1L treatment. Nevertheless, we take our PT to $30 from $24 because of increased penetration into 2L/3L+ CLL, as well as layering in the SNY-partnered STAT6 opportunity following clear proof-of-concept for the class via KYMR's KT-621 (note here). Reiterate Outperform rating."

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