What happened?

Shares of Nurix Therapeutics fell 39.8% in the afternoon session after the company disclosed that collaboration partner Sanofi chose to stop the Phase 1 study of oral STAT6 degrader SAR448272 and discontinue the program. According to the company's release, that decision ends future development, regulatory, and commercial payments and royalties from the program. Sanofi had triggered a $10 million milestone only two months earlier. Nurix said cash and marketable securities of $1.1 billion as of August 31 still fund operations into the second half of 2029.

What is the market telling us

Nurix Therapeutics’s shares are very volatile and have had 28 moves greater than 5% over the last year. But moves this big are rare even for Nurix Therapeutics and indicate this news significantly impacted the market’s perception of the business.

Nurix Therapeutics is down 12.3% since the beginning of the year, and at $15.84 per share, it is trading 43% below its 52-week high of $27.79 from August 2026. Investors who bought $1,000 worth of Nurix Therapeutics’s shares 5 years ago would now be looking at only $465.88.

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