Nurix Therapeutics (NASDAQ:NRIX) Trading Up 3.9% – Here’s Why

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s share price shot up 3.9% during trading on Wednesday . The stock traded as high as $19.73 and last traded at $19.63. 425,420 shares were traded during mid-day trading, a decline of 18% from the average session volume of 516,040 shares. The stock had previously closed at $18.90.

Analysts Set New Price Targets

NRIX has been the topic of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $29.00 price objective on shares of Nurix Therapeutics in a report on Tuesday, December 10th. BMO Capital Markets started coverage on shares of Nurix Therapeutics in a research note on Friday, December 6th. They issued an “outperform” rating and a $35.00 target price on the stock. BTIG Research started coverage on shares of Nurix Therapeutics in a research report on Tuesday, December 10th. They set a “buy” rating and a $35.00 price target for the company. Royal Bank of Canada lowered their target price on Nurix Therapeutics from $27.00 to $26.00 and set an “outperform” rating for the company in a research note on Monday, October 14th. Finally, Jefferies Financial Group started coverage on shares of Nurix Therapeutics in a research note on Friday, October 11th. They set a “buy” rating and a $41.00 price target on the stock. One analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $30.35.

Nurix Therapeutics Stock Down 6.5 %

The stock has a market cap of $1.29 billion, a P/E ratio of -6.27 and a beta of 2.14. The firm’s 50 day simple moving average is $21.69 and its two-hundred day simple moving average is $22.49.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings data on Friday, October 11th. The company reported ($0.67) earnings per share for the quarter, hitting the consensus estimate of ($0.67). Nurix Therapeutics had a negative net margin of 313.65% and a negative return on equity of 63.39%. The firm had revenue of $12.59 million for the quarter, compared to analyst estimates of $13.85 million. As a group, equities analysts predict that Nurix Therapeutics, Inc. will post -2.81 EPS for the current year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, insider Christine Ring sold 3,290 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $25.00, for a total value of $82,250.00. Following the completion of the transaction, the insider now owns 24,592 shares in the company, valued at approximately $614,800. This represents a 11.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Houte Hans Van sold 3,546 shares of Nurix Therapeutics stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $24.28, for a total value of $86,096.88. Following the sale, the chief financial officer now directly owns 33,724 shares in the company, valued at approximately $818,818.72. This trade represents a 9.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,641 shares of company stock worth $309,408. 7.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank raised its stake in shares of Nurix Therapeutics by 30.6% during the third quarter. Amalgamated Bank now owns 2,182 shares of the company’s stock valued at $49,000 after purchasing an additional 511 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Nurix Therapeutics by 31.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,330 shares of the company’s stock valued at $54,000 after buying an additional 559 shares during the period. Quarry LP increased its stake in Nurix Therapeutics by 3,746.2% during the 3rd quarter. Quarry LP now owns 2,500 shares of the company’s stock valued at $56,000 after buying an additional 2,435 shares during the period. International Assets Investment Management LLC raised its position in shares of Nurix Therapeutics by 1,098.4% during the 3rd quarter. International Assets Investment Management LLC now owns 4,494 shares of the company’s stock worth $101,000 after buying an additional 4,119 shares in the last quarter. Finally, Quest Partners LLC lifted its stake in shares of Nurix Therapeutics by 21.3% in the 3rd quarter. Quest Partners LLC now owns 7,458 shares of the company’s stock worth $168,000 after acquiring an additional 1,312 shares during the period.

Nurix Therapeutics Company Profile

Nurix Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule and cell therapies for the treatment of cancer, inflammatory conditions, and other diseases. The company develops NX-2127, an orally bioavailable Bruton's tyrosine kinase (BTK) degrader for the treatment of relapsed or refractory B-cell malignancies; NX-5948, an orally bioavailable BTK degrader for the treatment of relapsed or refractory B-cell malignancies and autoimmune diseases; and NX-1607, an orally bioavailable Casitas B-lineage lymphoma proto-oncogene-B (CBL-B) inhibitor for immuno-oncology indications.