Nurix Therapeutics initiated with a Buy at BTIG

BTIG initiated coverage of Nurix Therapeutics (NRIX) with a Buy rating and $35 price target Nurix is a protein degrader company whose lead BTK – Bruton’s tyrosine kinase – degrader program, NX-5948, has the potential to differentiate in the large $8B market opportunity in BTK driven cancers, the analyst tells investors in a research note. Despite the strong 2024 performance for the stock, the firm still likes the investment story heading into 2024-end and 2025 given additional response rate and durability data expected for NX-5948 in CLL at ASH, initial Phase 1 data for CBL-B inhibitor NX-1607 in Relapsed/Refractory solid tumors by YE24, and updated Phase 1 data for BTK/IKZF degrader NX-2127 in 2025, BTIG adds.