RBC Capital has lifted its price target on Nurix Therapeutics Inc. to $30.00 from $28.00 while maintaining an Outperform rating on the stock. The updated target implies roughly a 68% upside relative to the most recently referenced share price of $17.87.
The firm characterized Nurix’s recent company report as "uneventful," noting that items such as data presented at the American Society of Hematology (ASH) meeting and the confirmatory study design amendment for the bexicalmab-degrader had been disclosed previously. RBC’s analyst continues to see chronic lymphocytic leukemia (CLL) as a material commercial opportunity for the bexicalmab-degrader, even though pivotal data supporting broad regulatory filings could be delayed until 2027.
Pipeline and strategic optionality
Beyond CLL, RBC highlighted additional therapeutic avenues for the bexicalmab-degrader, including potential applications in immunology and inflammatory diseases. The analyst also drew attention to high-value partnered programs that incorporate a 50/50 opt-in structure, presenting optionality for the company’s growth trajectory.
Nurix has been advancing its BTK degrader program, bexobrutideg, with plans to execute the DAYBreak CLL-201 Phase 2 study and to initiate a confirmatory Phase 3 trial intended to support global registration. The company is also pursuing expansion of bexobrutideg into autoimmune and inflammatory indications and is developing a new tablet formulation aimed at an investigational new drug (IND) submission in 2026.
Clinical data and analyst response
Updated Phase 1a/1b clinical data for NX-5948 were presented at the ASH meeting, where the drug was evaluated in patients with relapsed or refractory B-cell malignancies. Following the presentation of clinical updates across Nurix’s degrader portfolio, several firms adjusted their ratings or targets: Morgan Stanley upgraded the stock from Equalweight to Overweight and raised its target to $36; BTIG reiterated a Buy rating with a $30 price target; and H.C. Wainwright increased its price target to $31 from $28 while maintaining a Buy rating.
Financial and market context
Nurix reported year-over-year revenue growth of 48.32% over the most recent twelve-month period cited, though the company remains unprofitable. Market performance has been strong in the period reviewed, with the stock delivering a 50.29% price return over the past six months. RBC noted the company’s relatively high share-price volatility even as it described Nurix as one of the leaders in a degrader space that is beginning to show encouraging clinical data from multiple entrants.
Valuation analysis referenced in the note places the company’s Fair Value near current trading levels, and additional commentary emphasized a solid balance sheet, with the company reportedly holding more cash than debt.
Outlook and timing
RBC’s view balances enthusiasm for the degrader platform and the addressable market in CLL and other indications against the timing of pivotal readouts and regulatory milestones. The firm’s comments underscore a path to commercialization that is contingent on later-stage trial execution and associated data, with pivotal results potentially arriving in 2027.
Investors and market participants continue to monitor progress across Nurix’s clinical programs, associated trial timelines, and the company’s financial performance as valuation and sentiment evolve among Wall Street analysts.