Piper Sandler has raised its 12-month price target for Nurix (NASDAQ: NRIX) to $35.00 from $32.00 and maintained an Overweight recommendation on the stock. At the company’s prevailing share price of $17.87, the new target implies roughly a 96% potential upside. Analysts across the sell-side remain generally constructive, with reported price targets spanning from $22 to $41.
The adjustment from Piper Sandler follows Nurix’s fourth-quarter fiscal 2025 earnings release and a pipeline update in which management accelerated development plans for its BTK degrader candidate, bexobrutideg, targeting chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL). The company also disclosed continued revenue strength, with reported revenue growth of 48.32% over the trailing twelve months. Despite that top-line expansion, company financials remain unprofitable and analysts are not projecting profitability in the current year, according to InvestingPro data.
Nurix said it intends to start a confirmatory Phase 3 trial of bexobrutideg in the second-line and beyond CLL/SLL setting in the first half of 2026. That randomized study is planned to compare bexobrutideg with pirtobrutinib as part of a program designed to support potential full approval. In the fourth quarter of 2025, Nurix also dosed the first patients in a single-arm Phase 2 trial examining bexobrutideg in the third-line and later setting.
Piper Sandler expects an update in 2026 on responses to bexobrutideg in relapsed and refractory non-Hodgkin lymphoma (NHL), following data the company presented at the American Society of Hematology meeting in December 2025. Outside oncology, Nurix is exploring autoimmune indications: the company is running a Phase 1b cohort in autoimmune hemolytic anemia and conducting a separate healthy volunteer study.
According to Piper Sandler, the higher price target reflects lower operating expense projections and modifications to its discounted cash flow model. Independent analysis noted by InvestingPro characterizes Nurix as modestly undervalued at current trading levels and highlights strong recent price momentum - the stock has gained more than 50% over the past six months, albeit with notable volatility.
Other brokerages have also moved to raise their targets or ratings after Nurix’s quarter. H.C. Wainwright reported that Nurix posted a fourth-quarter fiscal 2025 net loss of $0.82 per share, which was slightly narrower than H.C. Wainwright’s estimate of a $0.84 per-share loss; H.C. Wainwright subsequently raised its price target on Nurix to $32 while maintaining a Buy rating.
RBC Capital increased its target from $28 to $30 and left an Outperform rating in place, characterizing the company’s recent financial report as "uneventful." BTIG reiterated a Buy rating with a $30 price objective, underscoring the advancement of Nurix’s key programs and a robust cash position.
Meanwhile, Morgan Stanley upgraded Nurix from Equalweight to Overweight and lifted its price target sharply from $15 to $36. That firm cited increased conviction in Nurix’s lead program and raised its probability of success estimate for the candidate Bexdeg to 60% from 20%.
Nurix has outlined a 2026 strategy for bexobrutideg focused on pivotal clinical trials for relapsed and refractory CLL and plans to extend development into autoimmune and inflammatory disorders. The company is working on a new tablet formulation intended to support an IND submission in 2026, per the disclosed strategy.
Market context and momentum
- Analyst targets now traverse a wide band from $22 to $41, reflecting divergent valuations and assumptions among sell-side firms.
- Nurix’s revenue growth and R&D activity have coincided with significant share-price movement, including a rise of more than 50% over the last six months.
- Despite positive analyst revisions and pipeline progress, the company remains unprofitable on a reported basis and analysts do not expect near-term profitability.
Conclusion
Piper Sandler’s move to a $35 target and continued Overweight rating underscores growing broker enthusiasm tied to Nurix’s updated clinical timetable and modeled cost outlook. Multiple firms have adjusted their views and targets in response to the fourth-quarter report and program updates, while the company advances bexobrutideg toward pivotal testing and expands its development plan into autoimmune and inflammatory indications with a tablet formulation targeted for IND submission in 2026.