Nurix: A Calculated Flutter

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Redmile Group, a firm not entirely averse to a speculative venture, has recently increased its holdings in Nurix Therapeutics. A further $63.43 million, to be precise. One imagines the partners, huddled in some discreetly opulent office, weighing the probabilities with the air of men accustomed to both risk and reward. The market, naturally, remains unimpressed, or at least, unmoved. A year’s performance showing a decline of 6.52% scarcely encourages enthusiasm, even amongst those who traffic in hope.

A Modest Accumulation

The transaction, recorded on February 17th, 2026, involved the purchase of 4,415,514 shares. The total value of Redmile’s position in Nurix now represents a rather substantial 11.31% of their $1.358 billion in reported assets. One pictures the portfolio managers, meticulously arranging their holdings like specimens in a cabinet, occasionally daring to favour one over another. Their top five holdings, as of the filing, are as follows:

  • NASDAQ:SRRK: $229.98 million (16.9% of AUM)
  • NASDAQ:KRYS: $167.08 million (12.3% of AUM)
  • NASDAQ:NRIX: $153.54 million (11.3% of AUM)
  • NASDAQ:STOK: $128.04 million (9.4% of AUM)
  • NASDAQ:IMNM: $122.83 million (9.0% of AUM)

Nurix, currently trading at $15.64, has, as previously noted, underperformed the broader market by a considerable margin. A circumstance that would, in a more rational age, discourage investment. But rationality, one suspects, has little place in the pursuit of biotechnological salvation.

The Company Itself

Nurix, for the uninitiated, is a purveyor of small molecule therapies, aiming to address the intractable problems of cancer and immune disorders. Their current focus lies on BTK degraders and CBL-B inhibitors – terms that, to the layman, sound suspiciously like alchemical concoctions. They operate, predictably, on a research-driven model, generating revenue through clinical trials and collaborations with the larger pharmaceutical houses – Gilead and Sanofi amongst them. A symbiotic relationship, wherein the smaller firm provides the innovation and the larger firm provides the means.

Metric Value
Price (as of market close 2/17/26) $15.64
Market Capitalization $1.37 billion
Revenue (TTM) $83.98 million
Net Income (TTM) ($264.46 million)

A Calculated Risk

The company’s lead BTK degrader, bexobrutideg, has entered a ‘DAYBreak’ program – a term that suggests a desperate, last-ditch effort – supported by Phase 1 data showing an 83% objective response rate and a median progression-free survival of 22.1 months. The CEO, naturally, describes the current juncture as a ‘pivotal inflection point’. A phrase that, in the lexicon of corporate pronouncements, invariably precedes a period of considerable uncertainty.

Financially, Nurix concluded fiscal 2025 with $592.9 million in cash and marketable securities, bolstered by a recent equity offering. Revenue reached $84 million, but R&D spending climbed to $316.9 million, and the net loss widened to $264.5 million. A capital-intensive undertaking, to put it mildly. But one, presumably, with the potential for substantial reward.

For the discerning investor, the question is simple: can degrader-based medicines truly reset the standards in the treatment of CLL and other haematological malignancies? If the pivotal data deliver, today’s volatility will seem a minor inconvenience. If not, well, there are always other specimens to arrange in the cabinet.

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2026-02-22 21:23