Nurix Therapeutics’ (NRIX) Buy Rating Reaffirmed at Needham & Company LLC

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Tuesday, Benzinga reports. They currently have a $34.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 37.31% from the company’s previous close.

Several other analysts have also recently issued reports on the company. Stifel Nicolaus raised their target price on Nurix Therapeutics from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Mizuho increased their price objective on Nurix Therapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. HC Wainwright lifted their price objective on Nurix Therapeutics from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Robert W. Baird boosted their target price on Nurix Therapeutics from $33.00 to $36.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Friday, July 17th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.64.

Nurix Therapeutics Stock Performance

NASDAQ:NRIX traded up $1.09 during midday trading on Tuesday, reaching $24.76. 1,427,484 shares of the stock traded hands, compared to its average volume of 1,502,661. The stock has a market capitalization of $2.57 billion, a P/E ratio of 10.75 and a beta of 1.82. The company has a fifty day moving average of $25.14 and a 200 day moving average of $21.06. Nurix Therapeutics has a 12 month low of $9.71 and a 12 month high of $28.23.

Nurix Therapeutics (NASDAQ:NRIX) last announced its quarterly earnings results on Monday, October 12th. The company reported $4.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.60) by $5.33. The business had revenue of $673.06 million for the quarter, compared to analyst estimates of $24.35 million. Nurix Therapeutics had a net margin of 42.01% and a return on equity of 62.20%. On average, analysts predict that Nurix Therapeutics will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Julia P. Gregory sold 22,583 shares of the stock in a transaction dated Wednesday, October 14th. The shares were sold at an average price of $23.40, for a total value of $528,442.20. Following the completion of the transaction, the director directly owned 10,750 shares in the company, valued at $251,550. This trade represents a 67.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Hans van Houte sold 4,761 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $24.36, for a total transaction of $115,977.96. Following the sale, the chief financial officer directly owned 40,166 shares in the company, valued at $978,443.76. The trade was a 10.60% decrease in their position. 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 have sold a total of 43,955 shares of company stock valued at $1,046,906 over the last ninety days. Company insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Nurix Therapeutics

Several large investors have recently made changes to their positions in NRIX. GAMMA Investing LLC grew its stake in shares of Nurix Therapeutics by 95.4% in the 3rd quarter. GAMMA Investing LLC now owns 1,270 shares of the company’s stock worth $30,000 after buying an additional 620 shares during the last quarter. Nykredit A S purchased a new position in Nurix Therapeutics during the second quarter valued at $32,000. Integrated Wealth Concepts LLC bought a new stake in Nurix Therapeutics in the second quarter worth $33,000. KBC Group NV bought a new stake in Nurix Therapeutics in the first quarter worth $34,000. Finally, Avalon Trust Co purchased a new stake in shares of Nurix Therapeutics in the second quarter worth $64,000.

Nurix Therapeutics Company Profile

Nurix Therapeutics, Inc is a biopharmaceutical company focused on developing medicines that regulate the levels and activity of disease-causing proteins. Headquartered in San Francisco, California, the company uses its DELigase platform to discover therapies based on targeted protein degradation and immune-system modulation.

Nurix’s pipeline includes oral targeted protein degraders designed to eliminate specific proteins involved in cancer and immune-cell function. Its lead programs have included NX-5948, a Bruton’s tyrosine kinase degrader being evaluated for certain B-cell malignancies, and NX-2127, an investigational degrader designed to target BTK and other proteins relevant to cancer biology.