BTIG Research Reaffirms “Buy” Rating for Nurix Therapeutics (NASDAQ:NRIX)

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating reaffirmed by equities research analysts at BTIG Research in a research note issued to investors on Friday,Benzinga reports. They currently have a $32.00 price target on the stock. BTIG Research’s price objective points to a potential upside of 29.61% from the stock’s current price.

NRIX has been the topic of a number of other research reports. Truist Financial raised their price target on shares of Nurix Therapeutics from $30.00 to $32.00 and gave the company a “buy” rating in a report on Monday, June 8th. Needham & Company LLC reiterated a “buy” rating and issued a $34.00 price objective on shares of Nurix Therapeutics in a report on Monday, June 15th. Wells Fargo & Company cut shares of Nurix Therapeutics from an “overweight” rating to a “hold” rating and decreased their price objective for the stock from $28.00 to $25.00 in a report on Monday, June 8th. Robert W. Baird increased their target price on shares of Nurix Therapeutics from $26.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. Finally, Oppenheimer began coverage on Nurix Therapeutics in a report on Monday, June 29th. They set an “outperform” rating and a $28.00 target price on the stock. Twelve research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Nurix Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $33.00.

Nurix Therapeutics Stock Performance

NASDAQ:NRIX opened at $24.69 on Friday. The stock’s 50 day moving average price is $18.31 and its 200 day moving average price is $17.33. Nurix Therapeutics has a 52 week low of $8.19 and a 52 week high of $25.09. The company has a market capitalization of $2.55 billion, a P/E ratio of -7.81 and a beta of 1.80.

Nurix Therapeutics (NASDAQ:NRIX) last posted its earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.09). The business 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 411.37% and a negative return on equity of 64.21%. As a group, sell-side analysts forecast that Nurix Therapeutics will post -2.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Gwenn Hansen sold 5,394 shares of the company’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $20.00, for a total transaction of $107,880.00. Following the completion of the sale, the insider directly owned 115,005 shares of the company’s stock, valued at approximately $2,300,100. This represents a 4.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Houte Hans Van sold 14,055 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $16.60, for a total transaction of $233,313.00. Following the completion of the transaction, the chief financial officer owned 37,592 shares in the company, valued at $624,027.20. The trade was 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. In the last three months, insiders sold 25,051 shares of company stock worth $434,466. Insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Perceptive Advisors LLC lifted its position in shares of Nurix Therapeutics by 4.4% during the 1st quarter. Perceptive Advisors LLC now owns 3,710,877 shares of the company’s stock worth $57,519,000 after purchasing an additional 155,000 shares during the last quarter. Bank of America Corp DE grew its holdings in Nurix Therapeutics by 8.9% in 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 last quarter. Stempoint Capital LP bought a new position in Nurix Therapeutics in the 1st quarter worth approximately $4,886,000. California State Teachers Retirement System increased its position in Nurix Therapeutics by 45.6% in the 1st quarter. California State Teachers Retirement System now owns 99,042 shares of the company’s stock worth $1,535,000 after buying an additional 31,023 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Nurix Therapeutics by 4.0% during the first quarter. The Manufacturers Life Insurance Company now owns 179,177 shares of the company’s stock worth $2,777,000 after buying an additional 6,813 shares during 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.