Nurix Therapeutics posted a "clear win" in leukemia treatment on Monday, but the biotech stock gave up some of its gains, giving up a potential breakout.
The company tested its treatment, dubbed NX-5948, in patients with relapsed or refractory forms of chronic lymphocytic leukemia, or CLL. Refractory means the cancer didn't respond to prior treatment, and Nurix noted the patients were "heavily pretreated," having received two to 14 previous drugs.
Overall, 69.2% of patients responded to the oral treatment. Some showed responses as early as eight weeks into treatment. Those responses deepened over time, Nurix said in its news release.
Needham analyst Gil Blum said the results are a "clear win" for the biotech stock and the drug class. Nurix's approach degrades a protein called BTK. Doing so blocks defective B cells, which can drive cancers like CLL and B-cell lymphomas.
"These results are striking given the heavily pretreated nature of patients," Blum said in a report. "We are highly encouraged by the robustness of these results and consider them potentially best in class."
On today's stock market, Nurix stock rose 0.7% to 15.29. In premarket action, shares had rocketed more than 10%.
Biotech Stock: Promising Safety Profile
Importantly, none of the patients needed to stop or reduce their doses. The most common side effects were cytopenia, or lower than normal blood cells. One patient died, but investigators determined that wasn't due to Nurix's treatment.
Needham's Blum noted nine patients had their doses increased without any additional side effects. There were also no signs of cardiac toxicity, which is typical for BTK inhibitors, he said.
"We believe NX-5948 has the potential to differentiate on safety over time, which is the key to success in CLL," he said.
He has a buy rating and 31 price target on the biotech stock.
Nurix Stock Near Buy Point
Nurix stock has climbed 345% from an October low, after falling 92% over the prior three years.
Shares have a strong IBD Digital Relative Strength Rating of 95 out of a best-possible 99. This means the biotech stock ranks in the leading 5% of all stocks in terms of 12-month performance.
The biotech stock ended Friday about 14% below a 17.28 buy point in a cup-with-handle base, according to MarketSurge.
