Nurix Therapeutics Inc (NASDAQ:NRIX) stock is up 15.7% to trade at $16.94, after the biotech company announced a collaboration and licensing agreement with Roche for blood cancer treatment bexobrutideg. The deal includes a $700 million upfront payment to Nurix, with the company eligible to receive up to $1.6 billion in additional milestone payments. The two firms will jointly commercialize the treatment in the United States, with Phase 3 trials expected to begin later this summer.
Should these gains hold, NRIX will snap a five-day losing streak, and recover a good portion of its 22% year-to-date deficit. On Friday, the shares closed below their 200-day moving average for the first time since October.
Some of today's gains could be attributed to short covering. The 18.63 million shares sold short account for 19.78% of Nurix's available float, representing more than 16 days' worth of pent-up buying power at the stock's average daily trading volume.
