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

  • 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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In:
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!