BTIG analyst Jeet Mukherjee has reaffirmed a Buy rating for Nurix Therapeutics, maintaining a price target of $32. The endorsement signals continued confidence in the biotechnology company's stock performance.

Analyst Rating and Price Target

The reiteration follows a review of Nurix Therapeutics' market position. The $32 price target suggests an upside potential based on the company's current valuation.

Nurix Therapeutics, Inc. reported a net loss of $89.5 million for the fiscal quarter ended May 31, 2026, missing analyst estimates, as the company advanced its clinical pipeline and entered a major global partnership. The company posted a loss per share of $(0.81), which missed the analyst consensus estimate of $(0.74) by 9.46 percent, representing a 55.77 percent decrease from the loss of $(0.52) per share in the same period last year. Revenue for the quarter was $9.043 million, a 79.47 percent decrease from $44.056 million in the prior year, missing the analyst consensus estimate of $16.170 million by 44.08 percent. The decline in revenue was primarily due to the absence of $30 million in license revenue recorded from two Sanofi license extensions in the previous year.

Financial Performance

Research and development expenses increased to $87.7 million from $78.1 million, driven by clinical costs and contract manufacturing related to the acceleration of the bexobrutideg program. General and administrative expenses rose to $15.6 million from $14.3 million, largely due to increased legal costs for collaboration and business development activities. The company achieved a $2 million research milestone under its collaboration with Sanofi during the quarter.

Strategic Collaboration with Roche

Nurix announced a global license and collaboration agreement with Roche for bexobrutideg (NX-5948), a potential best-in-class BTK degrader, which includes potential total payments of up to $2.3 billion. This agreement comprises a $700 million upfront payment expected within 30 days of closing, subject to antitrust clearances. The deal covers the co-development and co-commercialization of bexobrutideg across malignant hematology, immunology, and neurology. Nurix will share 40% of development costs while Roche covers 60%, and profits and losses in the United States will be shared equally. Nurix is eligible for tiered royalties on ex-U.S. sales. The transaction is subject to customary closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Clinical and Pipeline Updates

The collaboration includes planned Phase 2 studies in multiple sclerosis (MS) and chronic spontaneous urticaria (CSU). Nurix presented updated clinical data at the European Hematology Association (EHA) supporting bexobrutideg's profile. Updated Phase 1a results showed a median progression-free survival of 22.1 months and an objective response rate (ORR) of 83%. New Phase 1b results demonstrated an ORR of 92.9% in patients previously treated with a BTK inhibitor but naïve to BCL2 inhibitor therapy, and an ORR of 84.2% in BTKi-naïve patients. Enrollment continues in the pivotal Phase 2 DAYBreak CLL-201 trial, and preparations are underway for the Phase 3 DAYBreak CLL-306 trial, with the first patient dosing anticipated in mid-2026.

Financial Position

Cash, cash equivalents, and marketable securities were $443.5 million as of May 31, 2026, compared to $592.9 million as of November 30, 2025. The company expects to receive the $700 million upfront payment from Roche in the third fiscal quarter of 2026, which would bring pro-forma cash to approximately $1.14 billion. Nurix retains options to co-develop and co-commercialize other assets, including the STAT6 degrader NX-3911 with Sanofi and the IRAK-4 degrader GS-6791 with Gilead.

Condensed Statements of Operations Data