Nurix Therapeutics price target lowered to $28 from $30 at Oppenheimer

Oppenheimer analyst Matthew Biegler lowered the firm’s price target on Nurix Therapeutics (NRIX) to $28 from $30 and keeps an Outperform rating on the shares. The firm notes Nurix reported Q3 numbers Thursday, and Piper caught up with management. Since approaching 52-week lows last month, Nurix shares have rebounded, and the firm thinks it is because investors are getting more comfortable with the regulatory strategy for bexobrutideg – and specifically its odds for accelerated approval. We know that the company has been having ongoing discussions with the FDA as part of bexdeg’s Fast Track designation, and while management continues to state publicly that accelerated approval will be a review issue, there’s been some changes to the language in the company’s most recent corporate deck that in Piper’s view suggests the FDA is onboard with the plan.