Nurix Therapeutics initiated with an Outperform at BMO Capital

BMO Capital initiated coverage of Nurix Therapeutics (NRIX) with an Outperform rating and $35 price target The firm believes the company is poised to deliver significant growth with its protein degradation platform, noting that its BTK degrader, NX-5948, is demonstrating that degradation of the BTK protein can lead to clinical responses in patients that have progressed on prior lines of targeted therapies. The firm views Nurix as “well-positioned for long-term growth” given the size of the current BTK market and the opportunity to expand into new indications, the analyst tells investors.