Nurix Therapeutics (NRIX) is well positioned for long-term growth, with its Roche partnership expanding the commercial opportunity for lead investigational cancer drug bexobrutideg and immunology and inflammation opportunities continuing to offer potential, RBC Capital Markets said in a note Thursday.

Roche's expertise should enhance the market potential for bexobrutideg in chronic lymphocytic leukemia while reducing development costs, the investment firm said, as it raised its estimates for bexobrutideg's US opportunity to $1.7 billion from $1.4 billion previously.

The firm also sees the company's inflammation and immunology pipeline as an underappreciated growth driver, with multiple clinical catalysts expected later this year.

RBC Capital Markets raised its price target to $33 from $30, while maintaining an outperform, speculative risk rating on Nurix.

Shares of Nurix were down 1.1% in premarket activity Friday.