Nurix Therapeutics' Enterprise Value Remains Underappreciated, RBC Capital Markets Says

MT Newswires Live10-14 00:23

Nurix Therapeutics' (NRIX) enterprise value of $1.6 billion remains underappreciated despite progress in its core drug development programs and the closing of the Roche deal, RBC Capital Markets said in a note Monday.

The company's drug programs remain on track, with the Roche partnership supporting expansion opportunities for bexobrutideg and the STAT6 degrader program moving into the clinic with partner Sanofi (SNY), according to the note.

Bexobrutideg's profile remains competitive and presents substantial fundamental upside potential in the long term, with chronic lymphocytic leukemia as a "meaningful" opportunity, the brokerage said.

RBC Capital Markets adjusted its price target on the stock to $35 per share from $36, with a rating of outperform, speculative risk.

Shares of Nurix Therapeutics were up 1.3% in Tuesday trading.

Price: 22.46, Change: +0.29, Percent Change: +1.33

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