On Thursday, RBC Capital increased its share price target on Nurix Therapeutics Inc. (NASDAQ:NRIX) to $23.00, up from the previous $22.00, while maintaining an Outperform rating. The adjustment follows Nurix's first-quarter fiscal year 2024 earnings report, which highlighted the company's recent partnership expansions and additional collaboration revenues.
Nurix's enhanced presence in the targeted protein degradation (TPD) space, particularly in the immunology and inflammation (I&I) sector, was a significant element of the report. The collaboration with Sanofi (NASDAQ:SNY) to develop an oral STAT6 TPD, which RBC Capital suggests has the potential to be as valuable as dupilumab, was especially noted.
The firm is also anticipating a mid-year progress update on NX-5948, a BTK degrader being developed for chronic lymphocytic leukemia (CLL) and non-Hodgkin lymphoma (NHL). This update, expected around the time of the European Hematology Association (EHA) meeting, is predicted to provide more clarity on the drug's clinical profile and could serve as an important milestone for Nurix.
The price target reflects slight adjustments in RBC Capital's financial model for Nurix based on the quarterly results. The Outperform, Speculative Risk rating remains unchanged, as the analyst firm continues to see potential in Nurix's pipeline and strategic industry partnerships.
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