Wall Street traders have no shortage of cliches, and here’s a happy thought for the New Year: ‘So goes January, so goes the year.’
Sam Stovall, chief investment strategist from CFRA Research, has taken note of this quirk, writing: “If the market does well in the month of January, then it usually does well for the full year. But if we find that a lot of money has flowed into the markets, right off the bat, then the indication is that it’s likely to be a very good year.”
Talking of sentiment, the S&P 500 closed at a record high on the first trading day of 2022, after closing out 2021 with big gains for the third year in a row.
With this in mind, let’s look at two stocks which are flashing bullish signals and primed for gains this year. According to TipRanks’ data, these are Strong Buys, with an upside potential for this year starting near 70%. Let’s dive in.
Nurix Therapeutics (NRIX)
We’ll look first at Nurix Therapeutics. This is a clinical stage biopharmaceutical company, working on small molecule drug candidates designed to work with the body’s natural protein degradation processes. Nurix’s research is focused on ubiquitin E3 ligases, key enzymes in the protein breakdown process. This presents a unique therapeutic approach, applicable to a large number of disease conditions.
The company uses a proprietary platform, DELigase, to underpin the drug candidate discovery process. That process has led to a wide-ranging pipeline, with 10 current research tracks. These include 7 wholly-owned programs, with 4 in the protein degradation chimeric targeting molecule (CTM) portfolio and 3 in the ligase inhibitor portfolio. Most of these tracks are in pre-clinical phases, but the company does have two drug candidates at or entering Phase 1 human clinical trials. Nurix also has three early-stage preclinical research tracks conducted in partnership with larger drug companies.
Looking at the clinical trials, we find that the company’s leading drug candidate, NX-2127, is currently in Phase 1, with the trial being conducted at multiple clinical sites. The drug is…