Nurix Therapeutics (NASDAQ:NRIX) Stock Price Up 19.2% – Should You Buy?

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) shot up 19.2% on Thursday . The company traded as high as $21.94 and last traded at $23.0020. 629,752 shares traded hands during trading, a decline of 57% from the average daily volume of 1,470,286 shares. The stock had previously closed at $19.30.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Tuesday, April 21st. BTIG Research increased their price objective on shares of Nurix Therapeutics from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. HC Wainwright restated a “buy” rating and set a $32.00 target price on shares of Nurix Therapeutics in a research note on Wednesday, June 10th. Wells Fargo & Company downgraded shares of Nurix Therapeutics from an “overweight” rating to a “hold” rating and reduced their target price for the stock from $28.00 to $25.00 in a report on Monday, June 8th. Finally, Truist Financial upped their price target on shares of Nurix Therapeutics from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Fourteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Nurix Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $32.20.

Nurix Therapeutics Stock Performance

The business has a fifty day simple moving average of $16.74 and a 200 day simple moving average of $16.96. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -7.19 and a beta of 1.86.

Nurix Therapeutics (NASDAQ:NRIX) last posted its earnings results on Wednesday, April 8th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.03). Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%.The firm had revenue of $6.25 million for the quarter, compared to analyst estimates of $14.25 million. On average, sell-side analysts forecast that Nurix Therapeutics, Inc. will post -2.88 earnings per share for the current fiscal year.

Insider Activity

In other Nurix Therapeutics news, CFO Houte Hans Van sold 14,055 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $16.60, for a total value of $233,313.00. Following the completion of the sale, the chief financial officer owned 37,592 shares of the company’s stock, valued at $624,027.20. The trade was a 27.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 3,214 shares of the 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 transaction, the insider owned 120,399 shares in the company, valued at approximately $2,004,643.35. The trade was a 2.60% 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 sold a total of 19,657 shares of company stock valued at $326,586 in the last quarter. Corporate insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Nurix Therapeutics

A number of hedge funds have recently added to or reduced their stakes in NRIX. General Atlantic L.P. acquired a new stake in shares of Nurix Therapeutics during the 4th quarter worth $92,899,000. Vanguard Group Inc. raised its stake in Nurix Therapeutics by 32.5% in the fourth quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company’s stock valued at $112,862,000 after purchasing an additional 1,460,736 shares in the last quarter. Flax Pond Capital LLC bought a new stake in Nurix Therapeutics during the fourth quarter worth about $1,521,000. Pictet Asset Management Holding SA lifted its position in Nurix Therapeutics by 75.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,467,600 shares of the company’s stock worth $65,780,000 after purchasing an additional 1,487,060 shares during the period. Finally, Handelsbanken Fonder AB grew its stake in Nurix Therapeutics by 85.7% during the third quarter. Handelsbanken Fonder AB now owns 520,000 shares of the company’s stock worth $4,805,000 after buying an additional 240,000 shares in the last quarter.

Nurix Therapeutics Company Profile

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.