Oppenheimer analyst Mark Breidenbach initiated coverage of Nurix Therapeutics with an Outperform rating and $25 price target. Nurix is developing a pipeline of targeted protein degraders and E3 ligase inhibitors and its lead program, NX-2127, has shown "clear evidence of activity" in heavily-pretreated chronic lymphocytic leukemia, or CLL, and diffuse large B-cell lymphoma, or DLBCL, patients, the analyst tells investors. The firm believes Nurix’s BTK-degrader franchise of NX-2127 and NX-5948 could "generate significant revenue in a wide range of oncology and autoimmune indications," it stated.
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