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Nurix Therapeutics (NRIX) Starts New CLL Trial, Is The 11% Discount Warranted?

Simply Wall St · 2d ago

Nurix Therapeutics (NRIX) has enrolled the first patient in its Phase 1b/2 NX-5948-203 trial, which pairs its BTK degrader bexobrutideg with venetoclax for chronic lymphocytic leukemia as part of a broader collaboration with Roche.

Nurix Therapeutics’ recent headlines around its Roche and Gilead collaborations come against a mixed trading backdrop, with the share price down 15.0% over the past month but still showing a 22.98% year to date share price return and a 104.51% total shareholder return over the last year, which points to strong longer term momentum despite short term volatility.

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Nurix Therapeutics now trades at a steep discount to both intrinsic value estimates and analyst targets after a sharp pullback. Is that a misplaced markdown, or a fair reflection of clinical and earnings risk as the valuation picture is unpacked next?

Most Popular Narrative: 11% Undervalued

On the most followed view, Nurix Therapeutics screens as undervalued, with a fair value of $25.00 against the last close at $22.21. This puts the current pullback against a backdrop of ambitious growth and funding assumptions baked into that estimate.

The plan to move bexobrutideg into registration focused Phase II trials in chronic spontaneous urticaria in 2026 and multiple sclerosis in 2027 introduces new immunology and neurology programs that will require ongoing co funding. If these studies fail to reach registration or commercial use, the added spending could deepen net losses without providing the expected new revenue streams.

See why 0 investors see Nurix Therapeutics as 11% undervalued.

Result: Fair Value of $25.00 (UNDERVALUED)

Still, the bearish narrative could unravel if bexobrutideg delivers stronger CLL data under the Roche alliance, or if partner milestones arrive faster than expected.

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

Next Steps

Mixed headlines and a sharp pullback can push sentiment to extremes, so it makes sense to review the numbers and form your own take quickly. To see how the current story balances concerns against optimism, weigh up the 2 key rewards and 2 important warning signs.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.