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    Why Nurix Therapeutics (NRIX) Is Up 31.3% After Advancing BTK Degrader Into Pivotal Phase 2 Trial

    Simply Wall St·12/09/2025 08:19:10
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    • Nurix Therapeutics has reported updated Phase 1a/1b data for its BTK degrader bexobrutideg (NX-5948) in relapsed or refractory B‑cell malignancies, including chronic lymphocytic leukemia, with results presented at the 2025 ASH Annual Meeting and supporting 600 mg as the recommended Phase 2 dose.
    • The new data, generated under FDA initiatives Project Optimus and Project Prime, underpin the pivotal DAYBreak Phase 2 program and highlight Nurix’s effort to position BTK degradation as a potential next step beyond traditional BTK inhibition.
    • We’ll now examine how this positive Phase 1a/1b data set and the move to a pivotal Phase 2 trial shape Nurix’s investment narrative.

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    What Is Nurix Therapeutics' Investment Narrative?

    To own Nurix today, you have to believe that targeted protein degradation, and specifically BTK degradation, can translate into a real commercial franchise before the cash and investor patience run thin. The latest NX‑5948 Phase 1a/1b data strengthen that story by backing a 600 mg dose and giving the pivotal DAYBreak Phase 2 program more credibility, which makes clinical readouts and regulatory interactions around bexobrutideg the key near term catalysts. The sharp run up in the share price after ASH suggests the market is already baking in some of that optimism, so the incremental impact from here may depend on how quickly enrollment progresses and whether the safety and efficacy profile holds in larger numbers. The core risks remain: Nurix is loss making, trades on a rich sales multiple, and recently diluted shareholders through a US$250,000,008 equity raise to keep funding its pipeline.

    Yet the biggest issue investors may be underestimating is how much still needs to go right in the clinic.

    In light of our recent valuation report, it seems possible that Nurix Therapeutics is trading beyond its estimated value.

    Exploring Other Perspectives

    NRIX 1-Year Stock Price Chart
    NRIX 1-Year Stock Price Chart

    The single fair value estimate from the Simply Wall St Community clusters around US$27.18, leaving plenty of room for different views. Against that, the recent NX‑5948 data and rapid share price swing underline how sensitive Nurix’s performance is to each clinical data point, which can cut both ways. Readers may want to weigh several community perspectives before forming a view on how much risk they are comfortable with here.

    Explore another fair value estimate on Nurix Therapeutics - why the stock might be worth just $27.18!

    Build Your Own Nurix Therapeutics Narrative

    Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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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.