On Wednesday, H.C. Wainwright adjusted its outlook on Nurix Therapeutics (NASDAQ:NRIX), increasing the 12-month price target to $35 from the previous $30, while maintaining a Buy rating on the stock. This adjustment follows Nurix's presentation of updated clinical data at the American Society of Hematology (ASH) 2024 annual meeting, showcasing promising results from its Phase 1a/1b trial of NX-5948 in patients with relapsed or refractory B-cell malignancies.
Nurix's oral Bruton's tyrosine kinase (BTK) degrader, NX-5948, is under evaluation for its effectiveness in treating chronic lymphocytic leukemia (CLL) and non-Hodgkin lymphoma (NHL). The data presented revealed a 75.5% objective response rate (ORR) in 49 evaluable CLL patients after eight weeks and an 84.2% ORR in 38 evaluable CLL patients after 16 weeks. These findings indicate that patients not only responded to the treatment but also experienced deepening responses over time.
The safety profile of NX-5948 was also discussed, with a small percentage of patients experiencing Grade 3 or higher neutropenia, thrombocytopenia, anemia, and hypertension. Only one patient with pre-existing atrial fibrillation reported a Grade 1 atrial fibrillation. These results suggest a favorable safety and tolerability profile for the drug candidate.
The company plans to move NX-5948 into pivotal trials for patients who have previously been treated with BTK inhibitors and BCL2 inhibitors in 2025. In light of the recent data, H.C. Wainwright has increased the probability of approval for NX-5948 to 60%, up from the previous estimate of 50%.
The firm's increased confidence in the potential approval and commercial success of NX-5948 underpins the raised price target and continued Buy rating for Nurix.
The latest clinical outcomes, particularly the comparison to the response rates from previous conferences, have been a significant factor in the revised valuation of the company's shares.
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