Nurix Therapeutics (NRIX) Gains On Bexobrutideg Data As Fair Value Debate Returns

Nurix Therapeutics (NRIX) is back in focus after releasing new Phase 1a/1b data for its BTK degrader bexobrutideg at the 68th American Society of Hematology meeting, highlighting high response rates and favorable tolerability in relapsed or refractory CLL/SLL.

Nurix Therapeutics shares closed at US$15.30 after a 1 day share price gain of 3.1%, although the 7 day share price return is down 42.9% and the 30 day share price return is down 32.7%. The 3 year total shareholder return is close to triple digits, which points to long term investors still sitting on substantial gains even as recent momentum has faded and sentiment reacts to both the positive bexobrutideg data and the earlier setback from Sanofi’s SAR448272 decision.

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After a sharp pullback and a price near US$15, Nurix Therapeutics now trades at a steep discount to a consensus target around US$33. Does that gap signal mispricing, or expectations that still sit too high?

Most Popular Narrative: 56% Undervalued

Against the last close at about $15, the most followed narrative pins Nurix Therapeutics at a fair value near $34. That gap hinges on bexobrutideg and partner backed degrader programs turning today’s trial progress into future economics.

The global bexobrutideg collaboration with Roche, which includes a US$700 million upfront payment, up to US$2.3b in potential milestones, a 50-50 U.S. cost and profit share, and ex U.S. royalties under a 40% Nurix Therapeutics and 60% Roche cost split, sets up a future stream of collaboration revenue and potential profit share that can support earnings beyond current reported results.

See why 2 investors see Nurix Therapeutics as 56% undervalued.

Result: Fair Value of $34.50 (UNDERVALUED)

Still, the Nurix Therapeutics story can change quickly if larger bexobrutideg trials disappoint, or if collaboration revenue remains lumpy and losses persist.

Find out about the key risks to this Nurix Therapeutics narrative.

Next Steps

Mixed sentiment runs through Nurix Therapeutics, with both real concerns and clear bright spots in the story, so move fast and review the evidence for yourself by weighing the 3 key rewards and 2 important warning signs.

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