Nurix Therapeutics price target lowered to $31 from $37 at Stifel

Stifel analyst Stephen Willey lowered the firm’s price target on Nurix Therapeutics to $31 from $37 and keeps a Buy rating on the shares, stating that neither Q4 earnings nor the associated corporate update included "any meaningful/incremental surprises." The firm’s reduced target primarily reflects revised financing assumptions with more dilution expected to be required to achieve sustainable profitability, but Stifel believes the current fully-diluted enterprise value near $350M "doesn’t remotely approach" its perception of the risk/reward ahead of upcoming catalysts and the value of what it view as "a better/best-in-class E3 ligase drug discovery platform."