HC Wainwright Reaffirms “Buy” Rating for Nurix Therapeutics (NASDAQ:NRIX)

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They currently have a $32.00 target price on the stock. HC Wainwright’s price objective suggests a potential upside of 104.60% from the stock’s current price.

A number of other brokerages also recently issued reports on NRIX. Weiss Ratings reissued a “sell (d-)” rating on shares of Nurix Therapeutics in a research report on Tuesday, April 21st. Jefferies Financial Group lifted their target price on Nurix Therapeutics from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company lowered Nurix Therapeutics from an “overweight” rating to a “hold” rating and cut their price target for the company from $28.00 to $25.00 in a report on Monday. Truist Financial upped their price target on Nurix Therapeutics from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday. Finally, BTIG Research raised their price objective on Nurix Therapeutics from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.14.

Nurix Therapeutics Price Performance

NASDAQ NRIX opened at $15.64 on Wednesday. Nurix Therapeutics has a 52 week low of $8.19 and a 52 week high of $22.50. The firm has a market capitalization of $1.62 billion, a P/E ratio of -4.95 and a beta of 1.86. The company has a 50-day moving average price of $16.35 and a 200-day moving average price of $16.91.

Nurix Therapeutics (NASDAQ:NRIX) last posted its quarterly earnings data on Wednesday, April 8th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.03). The business had revenue of $6.25 million during the quarter, compared to analysts’ expectations of $14.25 million. Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%. As a group, equities research analysts anticipate that Nurix Therapeutics will post -2.94 EPS for the current year.

Insider Activity

In related news, insider Gwenn Hansen sold 3,214 shares of Nurix Therapeutics stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $16.65, for a total transaction of $53,513.10. Following the sale, the insider owned 120,399 shares of the company’s stock, valued at approximately $2,004,643.35. This trade represents a 2.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Houte Hans Van sold 14,055 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $16.60, for a total value of $233,313.00. Following the completion of the transaction, the chief financial officer directly owned 37,592 shares in the company, valued at approximately $624,027.20. This represents a 27.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 19,657 shares of company stock worth $326,586 over the last 90 days. Company insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of NRIX. Vanguard Group Inc. lifted its holdings in shares of Nurix Therapeutics by 32.5% in the fourth quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company’s stock worth $112,862,000 after buying an additional 1,460,736 shares in the last quarter. General Atlantic L.P. bought a new stake in Nurix Therapeutics in the 4th quarter valued at $92,899,000. Morgan Stanley lifted its stake in Nurix Therapeutics by 115.9% in the 4th quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock worth $92,594,000 after purchasing an additional 2,620,323 shares in the last quarter. Vestal Point Capital LP boosted its holdings in shares of Nurix Therapeutics by 35.0% during the 4th quarter. Vestal Point Capital LP now owns 4,690,000 shares of the company’s stock valued at $88,969,000 after purchasing an additional 1,215,000 shares during the last quarter. Finally, Baker BROS. Advisors LP boosted its holdings in shares of Nurix Therapeutics by 20.0% during the 4th quarter. Baker BROS. Advisors LP now owns 4,658,556 shares of the company’s stock valued at $88,373,000 after purchasing an additional 776,431 shares during the last quarter.

About Nurix Therapeutics

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.