UPDATE: H.C. Wainwright Starts Nurix (NRIX) at Buy

H.C. Wainwright analyst Robert Burns initiates coverage on Nurix (NASDAQ: NRIX) with a Buy rating and a price target of $62.00.

The analyst comments "We are initiating coverage of Nurix Therapeutics, an emerging biotech company focused on modulating protein degradation to create novel small molecules as well as optimized adoptive cell therapy approaches, with a Buy rating and 12-month price target of $62 per share. Nurix is deploying its proprietary DELigase platform to harness the activity of E3 ligases to degrade specific proteins. The company is developing protein degradation activators as well as inhibitors, while also using targeted protein modulation to create superior adoptive cell therapies by growing T cells in the presence of its CBL-B ligase inhibitor. T cells conduct immunosurveillance and eliminate both cancer cells and virally infected cells. Several approaches involving usage of autologous (i.e., patient-derived) T cells exist, including chimeric antigen receptor T cells (CAR-T) and tumor-infiltrating lymphocytes (TILs). Nurix aims to establish optimized versions of both CAR-Ts and TILs using its technology."

For an analyst ratings summary and ratings history on Nurix click here. For more ratings news on Nurix click here.

Shares of Nurix closed at $30.16 yesterday.

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