Jefferies initiates Nurix Therapeutics with "buy", sets Street-high PT

Nurix Therapeutics

11/10/2024 14:48

(Updates)
    ** Shares of Nurix Therapeutics  NRIX.O  rise 6.3% to $23.24
    ** Jefferies initiated coverage on drug developer with "buy"
and a PT of $41, a Wall Street high per data compiled from LSEG
    ** Jefferies' "buy" is stock's first bullish rating since
July - LSEG
    ** Brokerage's PT represents a ~88% upside to stock's last
close
    ** Co's early-stage data from its protein modulation drugs
for treating cancer and inflammation diseases is promising and
has a "pivotal potential" in 2025 - Jefferies
    ** Brokerage estimates combined peak adjusted sales of about
$2.8 bln for the drug
    ** Avg rating of 13 analysts tracking NRIX is "buy"; their
median PT is $30
    ** Including session's gains, stock more than doubles YTD

 (Reporting by Kashish Tandon)
 ((Kashish.tandon@thomsonreuters.com))