StockWatch: Nurix Nosedives as Sanofi Halts Phase I Immunology Candidate
Sanofi halted development of an oral STAT6 degrader that had been under study in a Phase I first-in-human trial in Europe. STAT6, a key drug target in type 2 inflammation, is among the five targets identified by the companies in their collaboration, launched in 2020. The post StockWatch: Nurix Nosedives as Sanofi Halts Phase I Immunology Candidate appeared first on GEN - Genetic Engineering and…
Nurix Therapeutics experienced its largest single-day drop as a public entity on Wednesday when Sanofi halted development of their jointly developed Phase I immunology candidate, SAR448272 (NX-3911). Despite Sanofi's termination of SAR448272, the collaboration between the two companies will continue. The termination of the program, which was under study in a first-in-human trial in Europe, triggered a $10 million payment from Sanofi to Nurix in August.
Nurix had secured $1.1 billion in cash, cash equivalents, and marketable securities as of August 31. While Nurix's executives stated that their cash runway would remain unaffected, their stock price suffered a 38% decrease from $25.82 to $15.95 following the news. However, the stock recovered slightly by Friday, closing the week at $15.30, marking a nearly 43% decline over five days.
Analysts noted that while Nurix's stock experienced a significant drop, the company remains in a strong position with three clinical-stage programs and an exciting preclinical pipeline. Nurix is currently in a strategic inflection point with a potential $48 billion addressable market opportunity in five diseases, including chronic lymphocytic leukemia (CLL) and multiple sclerosis (MS).
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