Key Highlights

  • 41.91% was the intraday decline of Nurix Therapeutics (NASDAQ:NRIX) to USD 15.00, after Sanofi discontinued SAR448272, a program that no longer carries expected milestones or royalties, even though USD 1.1 billion in cash is unchanged.
  • A 1.5401 Indivior share ratio per legacy share sits behind the Supernus (NASDAQ:SUPN) figure, which is down 34.04% at USD 27.65, so the quoted move may be comparing mismatched share bases.
  • The 2026 JELMYTO Revenue outlook was reduced to USD 90 million from a range of USD 97 million to USD 101 million, and UroGen Pharma (NASDAQ:URGN) dropped 18.14% to USD 28.16 following third-quarter results.
  • Cerenome (NASDAQ:CNSY) fell 31.96% to USD 0.88 intraday, but no company announcement dated November 2 to November 4, 2026 was found, so the move is classed as trading driven.

Nurix Therapeutics (NASDAQ:NRIX): Down 41.91% as Sanofi Ends SAR448272

Nurix Therapeutics (NASDAQ:NRIX) lost 41.91%, or USD 10.82, to trade at USD 15.00 on November 4, 2026, against an implied prior close near USD 25.82 (calculated). Before the open the slide was closer to 28%. A company release dated November 3, 2026, issued after the close, stated that Sanofi chose to halt the Phase 1 study of oral STAT6 degrader SAR448272 and wind down the program, without giving reasons. Future milestone and Royalty payments tied to it are no longer anticipated. Published coverage says Jefferies cut its price target from USD 45 to USD 36 while keeping its Buy rating. Cash was USD 1.1 billion at August 31, 2026, compared with a Market Value of roughly USD 1.64 billion, and the Phase 3 bexobrutideg study with Roche remains the main value driver. SAR448272 is an oral degrader aimed at STAT6, a transcription Factor involved in allergic and inflammatory signaling. Sanofi used a 2025 license extension option covering two transcription factor programs. No upcoming catalysts appeared in the release, so the next move may hinge on how investors rethink the Partnership model. Volume reached about 3.84 million shares, roughly 1.54 times the usual amount. Cash makes up much of the valuation even though spending continues. Per that coverage, Jefferies called the decision a surprise and said Sanofi indicated no immediate patient safety concern.

Supernus (NASDAQ:SUPN): Down 34.04% After the Indivior Merger Closed

Supernus (NASDAQ:SUPN) was quoted at USD 27.65 on November 4, 2026, down 34.04% or USD 14.27, from a calculated prior close of about USD 41.92. The Indivior combination closed on November 2, 2026, and the merged company started trading under SUPN on November 3, 2026. Every legacy Supernus share was exchanged for 1.5401 Indivior shares, and Indivior holders also received a USD 1.0 billion special cash dividend, financed by a USD 650 million term Loan plus cash on hand. Multiplying USD 27.65 by 1.5401 gives about USD 42.58, which sits close to the calculated prior close and points to a share basis mismatch rather than a real 34% loss. This is our interpretation, not a company statement. Supernus posted third-quarter 2026 revenue of USD 226.8 million, up 18%, and net Earnings of USD 20.9 million, reported October 29, 2026. Former Indivior holders own roughly 56.5% of the combined company. The new borrowing carries interest costs that the standalone figures do not include, and quoted moves can reverse once data providers line up their histories. Qelbree sales reached USD 90.8 million and ONAPGO sales reached USD 17.1 million, up 151%. Cash and current marketable securities totaled USD 359.5 million on September 30, 2026. Investors should confirm their own cost basis and share count with their broker.

UroGen Pharma (NASDAQ:URGN): Down 18.14% on a JELMYTO Outlook Reduction

UroGen Pharma (NASDAQ:URGN) traded at USD 28.16 on November 4, 2026, down 18.14% or USD 6.24, from an implied prior close of USD 34.40 (calculated), on roughly 617,480 shares. Third-quarter revenue came in at USD 89.0 million, with ZUSDURI at USD 68.0 million and JELMYTO at USD 21.0 million. The company trimmed its 2026 JELMYTO revenue guidance to about USD 90 million, pointing to a one-time CMS related adjustment and competing trial enrollment. The net loss narrowed to USD 1.5 million, yet cash and marketable securities slid to USD 90.5 million, and total liabilities of USD 397.1 million topped total Assets of USD 271.9 million. The FDA accepted UGN-103 with a PDUFA date of June 14, 2027. Activated sites of care for ZUSDURI climbed to 1,538 from 1,444 as of June 30, 2026, and unique prescribers rose to 662 from 452, with repeat prescribers near 50% of the total. Operating expenses are guided to USD 260 million to USD 270 million. A lower guide can weigh on valuation, since JELMYTO is a steady revenue stream that helps cover Debt service while ZUSDURI ramps. Cash and marketable securities were USD 120.5 million at December 31, 2025. A Phase 3 study in high-risk disease is slated to begin in the fourth quarter, and management hosted a conference call at 10:00 a.m. ET on November 4, 2026, following an 8:00 a.m. ET release.

Cerenome (NASDAQ:CNSY): Down 31.96% With No New Announcement

Cerenome (NASDAQ:CNSY) was quoted at USD 0.8800 on November 4, 2026, down 31.96% or USD 0.4134, from an implied prior close of about USD 1.2934 (calculated), on roughly 1.46 million shares. No company announcement dated November 2 to November 4, 2026 was located, so the decline is treated as trading driven. The most recent items were a September 30, 2026 corporate presentation and a September 10, 2026 financing of up to USD 20 million with 3i, LP, which is repaid through royalties. Market Capitalization stood near USD 6.71 million, and the presentation mentions Going Concern risk. A handful of trades can push the price around, spreads may be wide, and quoted moves can flip. Cerenome is the name Plus Therapeutics took in August 2026, and it calls itself an integrated CNS oncology company spanning diagnostics, a radiotherapeutic candidate and data analytics. Only an initial Tranche of the 3i Facility was drawn at closing, with later tranches linked to milestones. A stock near USD 1 also faces a minimum bid price test. A proprietary reimbursement code began on July 1, 2026, CMS final pricing is anticipated in November 2026, and the company logged 187 commercial specimens in the third quarter of 2026. Cash and short-term investments were about USD 8.6 million on June 30, 2026 (calculated).

Where Things Stand

Four separate causes account for the drops. Nurix Therapeutics (NASDAQ:NRIX) is off 41.91% after Sanofi ended SAR448272. Supernus (NASDAQ:SUPN) is off 34.04%, most likely a merger share basis effect. UroGen Pharma (NASDAQ:URGN) is off 18.14% after a lower JELMYTO outlook. Cerenome (NASDAQ:CNSY) is off 31.96% with no identified catalyst. Next checks: the UroGen 10-Q, Nurix commentary from Sanofi, Supernus data alignment, and CMS final pricing expected in November 2026 for Cerenome.