Nurix Therapeutics (NASDAQ:NRIX) Earns Buy Rating from Needham & Company LLC

by · The Markets Daily

Nurix Therapeutics (NASDAQ:NRIX – Get Free Report)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $34.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 40.36% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. UBS Group lifted their target price on shares of Nurix Therapeutics from $23.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Robert W. Baird raised their price objective on Nurix Therapeutics from $26.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. BTIG Research restated a “buy” rating and issued a $32.00 price objective on shares of Nurix Therapeutics in a report on Friday, July 10th. Morgan Stanley upped their target price on shares of Nurix Therapeutics from $36.00 to $38.00 and gave the company an “overweight” rating in a research report on Tuesday, July 28th. Finally, Truist Financial lifted their price target on shares of Nurix Therapeutics from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Nurix Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

View Our Latest Stock Analysis on Nurix Therapeutics

Nurix Therapeutics Stock Up 4.3%

Shares of NRIX stock traded up $1.00 on Tuesday, hitting $24.22. The company had a trading volume of 172,715 shares, compared to its average volume of 1,501,450. The firm has a market cap of $2.51 billion, a P/E ratio of -7.00 and a beta of 1.79. Nurix Therapeutics has a twelve month low of $8.19 and a twelve month high of $25.08. The company has a 50-day moving average price of $20.66 and a 200-day moving average price of $17.88.

Nurix Therapeutics (NASDAQ:NRIX – Get Free Report) last released its quarterly earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.08). The company had revenue of $9.04 million during the quarter, compared to analyst estimates of $15.29 million. Nurix Therapeutics had a negative net margin of 928.44% and a negative return on equity of 76.09%. Equities research analysts expect that Nurix Therapeutics will post -2.84 EPS for the current year.

Insiders Place Their Bets

In related news, insider Gwenn Hansen sold 3,847 shares of Nurix Therapeutics stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $23.38, for a total value of $89,942.86. Following the completion of the transaction, the insider directly owned 121,338 shares in the company, valued at approximately $2,836,882.44. This trade represents a 3.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Houte Hans Van sold 2,845 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $23.38, for a total value of $66,516.10. Following the completion of the sale, the chief financial officer directly owned 44,927 shares in the company, valued at $1,050,393.26. This represents a 5.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 12,086 shares of company stock worth $264,339 in the last ninety days. Corporate insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Nurix Therapeutics

A number of large investors have recently bought and sold shares of NRIX. Walleye Capital LLC purchased a new stake in shares of Nurix Therapeutics during the 2nd quarter worth about $378,000. Handelsbanken Fonder AB lifted its stake in shares of Nurix Therapeutics by 15.7% during the second quarter. Handelsbanken Fonder AB now owns 633,000 shares of the company’s stock worth $15,357,000 after purchasing an additional 86,000 shares in the last quarter. Perceptive Advisors LLC boosted its position in shares of Nurix Therapeutics by 4.4% in the first quarter. Perceptive Advisors LLC now owns 3,710,877 shares of the company’s stock worth $57,519,000 after buying an additional 155,000 shares during the period. Bank of America Corp DE raised its holdings in shares of Nurix Therapeutics by 8.9% during the 1st quarter. Bank of America Corp DE now owns 802,153 shares of the company’s stock valued at $12,433,000 after buying an additional 65,595 shares during the period. Finally, Stempoint Capital LP acquired a new position in Nurix Therapeutics during the 1st quarter worth approximately $4,886,000.

Nurix Therapeutics Company Profile

(Get Free Report)

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that harness the ubiquitin-proteasome system to selectively degrade disease-causing proteins. By modulating E3 ubiquitin ligases and related molecular machinery, Nurix aims to expand treatment options for patient populations with unmet medical needs in oncology and immunology.

The company’s pipeline includes multiple programs in various stages of development.

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