Nurix Therapeutics, Inc. (NASDAQ: NRIX) is back in the spotlight. On December 8, 2025, the biotech stock surged roughly 20% intraday after the company released new Phase 1 data for its Bruton’s tyrosine kinase (BTK) degrader bexobrutideg (NX‑5948) in blood cancers at the American Society of Hematology (ASH) Annual Meeting and scheduled a corporate webcast for this evening. [1]
The rally comes barely two months after Nurix posted a weak third quarter and executed a large equity raise, underscoring how heavily sentiment in this name is tied to the clinical trajectory of its degrader pipeline. [2]
NRIX stock today: price action and market snapshot
As of early afternoon U.S. trading on December 8, 2025, Nurix shares are trading around $21–22 per share, up about 20% on the day after closing at $18.09 in the prior session. [3]
Key intraday metrics from StockAnalysis and exchange data:
- Intraday price: about $21.7 (real‑time quote at 1:37 p.m. ET) [4]
- Daily move: roughly +20% versus Friday’s close of $18.09 [5]
- Day’s range: approximately $20.21–$22.50 so far in regular trading [6]
- 52‑week range:$8.18–$22.95, meaning the stock is now trading near its 1‑year high after spending much of 2024 in the single digits. [7]
- Market capitalization: around $2.2 billion at current levels [8]
MarketBeat notes that the move began with a gap up at the open (from $18.09 to $21.43), on heavy volume well above normal, reflecting strong reaction to the ASH data headlines. [9]
What moved Nurix today: ASH 2025 data for bexobrutideg
The core driver of today’s rally is a pair of detailed company presentations at ASH 2025 covering bexobrutideg (NX‑5948), Nurix’s lead oral BTK degrader for B‑cell malignancies:
- December 6, 2025: Updated Phase 1a/1b data in relapsed/refractory chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL) [10]
- December 8, 2025: New data in relapsed/refractory Waldenström macroglobulinemia (WM) [11]
In both settings, the drug is being evaluated in heavily pre‑treated patients who have already seen prior BTK inhibitors and often BCL‑2 and other targeted agents—exactly the kind of population where incremental benefit is hard to demonstrate.
CLL/SLL: 83% response rate and maturing durability
In the updated Phase 1a dataset for CLL/SLL (n=48 dosing 50–600 mg once daily), Nurix reported: [12]
- Objective response rate (ORR): 83% among 47 evaluable patients
- Complete responses (CR): 2 patients
- Disease control rate (DCR): 95.7%
- Median progression‑free survival (PFS): 22.1 months across doses tested
- Median duration of response (DOR): 20.1 months
The trial enrolled patients with multiple prior lines of therapy, including prior covalent and non‑covalent BTK inhibitors, BCL‑2 inhibitors, and high‑risk molecular features such as TP53 and resistance‑associated BTK mutations. Despite this, responses were seen across these challenging subgroups. [13]
In the randomized Phase 1b cohort comparing 200 mg vs 600 mg:
- Preliminary data show an ORR of ~83% at 600 mg vs ~74% at 200 mg.
- Early PFS curves favor the higher 600 mg dose, which has now been selected as the recommended Phase 2 dose (RP2D). [14]
Safety appears manageable: no dose‑limiting toxicities, no systemic fungal infections or Grade 4 infections, and a single new‑onset atrial fibrillation event at a rate comparable to age‑matched background. [15]
Taken together, these results underpin Nurix’s advancement of DAYBreak‑CLL‑201, a pivotal global Phase 2 study in relapsed/refractory CLL using 600 mg once daily. [16]
Waldenström macroglobulinemia: 75% ORR, PFS not yet reached
The WM ASH poster released this morning adds another leg to the bexobrutideg story. In 31 WM patients (median age 71, median 3 prior therapies): [17]
- All had prior BTK inhibitor therapy; many had chemo‑immunotherapy and some had prior BCL‑2 or non‑covalent BTK inhibitors.
- Among 28 response‑evaluable patients:
- ORR was 75%, including very good partial responses (VGPR) in ~11%.
- Additional patients achieved partial or minor responses; only a minority remained at stable disease.
- With median follow‑up of 8.1 months, median DOR and PFS had not yet been reached, indicating durability with ongoing follow‑up.
Importantly, responses were observed across molecular subtypes (including MYD88 and CXCR4 mutant disease) and even among patients with central nervous system involvement—a particularly hard‑to‑treat subgroup. [18]
The safety profile in WM is broadly consistent with the CLL population: adverse events are mostly low‑grade hematologic or mild bleeding/skin events, with no dose‑limiting toxicities, no Grade 5 events and no new onset atrial fibrillation reported in this dataset. [19]
Webcast tonight
Nurix will review the CLL and WM data and provide a broader corporate update on a live webcast tonight (December 8, 2025) at 8:15 p.m. ET, featuring trial investigators and senior management. [20]
For investors, that webcast is a likely catalyst for further detail on:
- Regulatory and pivotal‑trial strategy in CLL and WM
- Expansion into additional B‑cell malignancies
- How Nurix prioritizes spend across its degrader and CBL‑B programs given the recent equity raise
Beyond BTK: NX‑1607 and Nurix’s broader pipeline
While bexobrutideg is clearly the star of today’s show, Nurix is increasingly positioning itself as a platform company in targeted protein modulation and immune regulation.
NX‑1607: first‑in‑class CBL‑B inhibitor in solid tumors
In October and November, Nurix shared back‑to‑back updates from the first‑in‑human Phase 1a study of NX‑1607, an oral inhibitor of the E3 ligase CBL‑B, at ESMO 2025 and SITC 2025. [21]
Key points:
- NX‑1607 acts as a novel immune checkpoint, distinct from PD‑1/PD‑L1, by releasing brakes on T‑cell and other immune cell activation. [22]
- In 82 heavily pre‑treated patients across eleven tumor types, the program showed:
- Dose‑dependent immune activation and pharmacodynamic markers of target engagement
- A disease control rate around 49%, including long‑term stable disease and a confirmed partial response in a microsatellite‑stable colorectal cancer patient—a setting typically resistant to immunotherapy. [23]
- Translational data suggest that peripheral immune activation correlates with tumor microenvironment remodeling and better disease control, with increases in activated CD8+ T cells and tumor‑infiltrating lymphocytes in certain case studies. [24]
These data support expansion cohorts and potential future combination strategies, and they help frame Nurix not just as a BTK‑degrader company, but as a broader immuno‑oncology platform play.
Other assets and partnered programs
According to company profiles and recent releases: [25]
- NX‑5948 / bexobrutideg – oral BTK degrader now moving from Phase 1 into pivotal studies (DAYBreak) in relapsed/refractory CLL, with ongoing Phase 1a/1b across B‑cell malignancies including WM.
- NX‑2127 – another BTK degrader in earlier‑stage trials for relapsed/refractory B‑cell malignancies. [26]
- IRAK4 and STAT6 degraders – partnered with Gilead and Sanofi, respectively, with preclinical and early clinical data emerging in inflammatory and dermatologic indications. [27]
This diversification matters for valuation: the more independent “shots on goal” Nurix can demonstrate, the less the stock’s fate rests on any single trial.
Analyst ratings and price targets as of December 8, 2025
Today’s move comes against a backdrop of broadly bullish but increasingly nuanced sell‑side coverage.
Fresh rating action today: Needham reiterates Buy
On the morning of December 8, Needham analyst Gil Blum reiterated a “Buy” rating with a $26 price target, citing continued confidence in Nurix’s market prospects. [28]
Recent changes: trims, upgrades and a lone “strong sell”
From GuruFocus, MarketBeat and other rating trackers: [29]
- Truist (Nov 24, 2025): initiated coverage with Buy, $30 target.
- BTIG (Oct 23, 2025): maintained Buy but cut target from $35 to $27.
- Wells Fargo (Oct 23, 2025): maintained Overweight, trimming the target from $22 to $21.
- Oppenheimer: reduced target from $30 to $28, rating Outperform. [30]
- Piper Sandler: lowered target from $35 to $32 while keeping an Overweight stance. [31]
- H.C. Wainwright: cut its target from $33 to $28 but kept a Buy rating, highlighting bexobrutideg progress and the Phase 2 DAYBreak trial. [32]
- Stifel: reaffirmed Buy on promising cancer‑drug data, according to Investing.com. [33]
- Wall Street Zen (via MarketBeat): downgraded the stock to “strong sell” in October, making it a clear outlier versus the rest of the street. [34]
Consensus: upside implied, but estimates vary by source
Because different platforms aggregate different analyst sets at different times, the consensus numbers don’t line up perfectly, but they rhyme:
- StockAnalysis: 13 analysts, “Strong Buy”, $25.85 12‑month target, implying about 19% upside from today’s ~$21.7 share price. [35]
- GuruFocus: 17 analysts, average target $27.18 (range $15–$41), implying ~50% upside versus an earlier price point of $18.09. [36]
- MarketBeat: consensus “Moderate Buy”, average target $26.33, with a distribution that includes 2 “Strong Buy”, 12 “Buy”, 3 “Hold” and 1 “Sell”. [37]
In short: most analysts remain bullish, see double‑digit percentage upside from current levels, but are also trimming targets and acknowledging execution and balance sheet risks.
Fundamentals: earnings miss, cash burn and equity raise
The bullish narrative on Nurix is very much clinical‑data‑driven; its reported financials remain those of a classic clinical‑stage biotech.
Q3 2025: big top‑ and bottom‑line miss
On October 9, 2025, Nurix reported Q3 results that significantly missed Street expectations: [38]
- Revenue: $7.89 million vs analyst estimates around $16–17 million
- Non‑GAAP EPS:–$1.03 vs consensus of about –$0.85 / –$0.86
- Shares dropped roughly 7% in after‑hours trading following the print. [39]
MarketBeat also points to negative return on equity (~–54%) and a negative net margin of nearly –293%, reflecting the heavy R&D and SG&A burden relative to current revenue. [40]
Trailing‑twelve‑month figures compiled by StockAnalysis show: [41]
- Revenue (ttm): ~$83.7 million
- Net loss (ttm): about –$244.8 million
- Shares outstanding: ~101 million
Capital raise: $250 million equity offering
To extend its runway into pivotal development, Nurix completed a $250 million registered offering of common stock in late October 2025. [42]
For the stock, that has a double‑edged impact:
- Positively, it bolsters cash and reduces near‑term financing risk as Nurix moves into large, expensive pivotal trials.
- Negatively, it dilutes existing shareholders and sets a reference point for institutional entry levels in the low‑ to mid‑teens, which some traders will watch as a technical anchor.
Analyst commentary around Q3 and the raise generally framed Nurix as a high‑burn, high‑optionality story: if bexobrutideg and NX‑1607 deliver in later‑stage trials, the current valuation could prove attractive; if not, the losses and dilution accumulate with little to show for it. [43]
Upcoming catalysts after December 8, 2025
Investors looking at NRIX after today’s spike are effectively betting on a sequence of clinical, regulatory and financial catalysts over the next 12–24 months.
Key near‑term milestones include:
- Tonight’s webcast (8:15 p.m. ET) on bexobrutideg CLL and WM data plus corporate update. [44]
- Continuation and maturation of DAYBreak‑CLL‑201, the pivotal Phase 2 monotherapy trial in relapsed/refractory CLL, and potential design details for a planned Phase 3 randomized study. [45]
- Further WM development plans, potentially including expansion cohorts and mapping toward a registrational strategy if data remain strong. [46]
- NX‑1607 expansion, including monotherapy and combination cohorts across solid tumors, building on ESMO and SITC data. [47]
- The next earnings report, with StockAnalysis flagging January 27, 2026 as the upcoming earnings date, which will update cash runway, R&D spend and any new business development activity. [48]
Key risks to the NRIX bull case
The enthusiasm around today’s data doesn’t remove the usual biotech landmines.
- Early‑stage data risk
- The CLL and WM datasets are still from Phase 1 cohorts, where patient numbers are modest and follow‑up, while maturing, is limited. Median PFS and DOR not yet reached in WM is encouraging but not definitive. [49]
- Larger, more heterogeneous pivotal populations can show lower response rates or different safety signals.
- Regulatory and competitive landscape
- Bexobrutideg will face competition from established covalent BTK inhibitors, newer non‑covalent BTK inhibitors, and potentially other degrader programs from larger pharma.
- Regulators will scrutinize not just ORR and PFS but safety, tolerability and benefit versus existing options in relapsed/refractory CLL and WM. [50]
- Balance sheet and dilution
- Even after the $250 million raise, Nurix is spending heavily; negative EPS and margins are expected to persist for years while pivotal programs run. [51]
- Future follow‑on offerings remain a possibility if trials expand or timelines lengthen.
- Divergent analyst views
- While the majority of analysts rate NRIX a Buy or Strong Buy, at least one service has it as a “strong sell,” and MarketBeat characterizes the overall view as only “Moderate Buy,” not unanimous conviction. [52]
Bottom line: where Nurix Therapeutics stock stands after December 8, 2025
December 8, 2025 looks like a genuine inflection point for Nurix Therapeutics stock:
- The company has now published compelling early‑stage data for its BTK degrader in both CLL and WM, with high response rates, signs of durability, and a tolerable safety profile in heavily pre‑treated patients. [53]
- The CBL‑B inhibitor NX‑1607 provides a second, mechanistically distinct pillar in solid tumors, reinforcing the platform story. [54]
- Analysts mostly see double‑digit upside to current levels, but price targets are drifting lower as they bake in execution risk, financing needs and recent earnings misses. [55]
- Financials remain deeply loss‑making, with a history of earnings shortfalls and fresh dilution via the $250 million equity raise. [56]
For investors and traders tracking NRIX, the next phase is about confirmation: does bexobrutideg maintain this efficacy and safety profile in pivotal trials, and can NX‑1607 or partnered programs add meaningful value on top? If yes, today’s rally could mark the early stages of a longer rerating. If not, the stock’s volatility and cash burn will cut the other way.
References
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