H.C. Wainwright raises Nurix stock price target on strong revenue

H.C. Wainwright has increased its price target on Nurix Therapeutics Inc. (NASDAQ:NRIX) to $36, maintaining a Buy rating. Over the past year, the stock has risen 149%, trading at a P/E ratio of 9.23. InvestingPro analysis suggests the shares are undervalued relative to their Fair Value. Nurix reported a net gain of $4.73 per share and $673.1 million in collaboration and license revenue for fiscal 2026 Q3.

Research and development expenses were $79.3 million, while selling, general, and administrative expenses totaled $34.4 million. H.C. Wainwright had forecast R&D expenses of $83.3 million and SG&A expenses of $15.8 million. The increase in SG&A expenses primarily stemmed from one-time costs related to the Roche transaction for consulting and business development activities.

The company holds $1.1 billion in cash and equivalents, providing sufficient runway to profitability. With more cash than debt on its balance sheet, analysts anticipate profitability this year, earning an EXCELLENT rating. The firm has raised its discounted cash flow-based valuation and reduced long-term operating expense projections for the company.

Recent analyst updates following the third-quarter fiscal 2026 earnings report include Stifel raising its price target to $41, RBC Capital lowering it to $35, Truist Securities lowering it to $33, and Morgan Stanley increasing it to $38. Analyst perspectives vary on Nurix's future prospects, with some viewing significant growth potential while others remain cautious.