Nurix Therapeutics' (NRIX) STAT6 degrader NX-3911 is likely to receive increased recognition after advancing into clinical development under its collaboration with Sanofi (SNY), RBC Capital Markets said in a Monday research note.
The investment firm said limited preclinical data suggest NX-3911 could be on relatively equal footing with Kymera Therapeutics' (KYMR) KT-621, supporting higher value for Nurix when factoring in immunology and inflammation optionality across NX-3911, bex-deg and the rest of its pipeline.
RBC expects NX-3911 to receive increased attention ahead of Kymera's STAT6 atopic dermatitis data expected by year-end, which could provide positive readthrough for Nurix's program. It noted that Sanofi is leading early clinical development of NX-3911, with a proof-of-concept dataset potentially available in the first half of 2027.
The brokerage said bex-deg's chronic lymphocytic leukemia opportunity remains the core of its bullish thesis on Nurix, while the company also has optionality from its IRAK4 degrader collaboration with Gilead Sciences (GILD).
RBC raised its price target on Nurix to $36 from $33 and maintained its outperform rating.
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