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

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $34.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 48.55% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird upped their price objective on shares of Nurix Therapeutics from $33.00 to $36.00 and gave the company an “outperform” rating in a research note on Tuesday. BTIG Research restated a “buy” rating and issued a $32.00 price target on shares of Nurix Therapeutics in a report on Friday, July 10th. Truist Financial lifted their price target on Nurix Therapeutics from $32.00 to $34.00 and gave the company a “buy” rating in a report on Friday, July 10th. Oppenheimer assumed coverage on Nurix Therapeutics in a report on Monday, June 29th. They issued an “outperform” rating and a $28.00 price target for the company. Finally, Royal Bank Of Canada lifted their price target on Nurix Therapeutics from $33.00 to $36.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Thirteen 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. Based on data from MarketBeat, Nurix Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.64.

Nurix Therapeutics Price Performance

Nurix Therapeutics stock traded up $0.73 during mid-day trading on Tuesday, hitting $22.89. 1,365,850 shares of the company were exchanged, compared to its average volume of 1,474,085. The business’s 50 day simple moving average is $25.22 and its two-hundred day simple moving average is $20.96. The company has a market capitalization of $2.38 billion, a P/E ratio of -6.65 and a beta of 1.82. Nurix Therapeutics has a 12-month low of $9.14 and a 12-month high of $28.23.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings results on Tuesday, October 13th. The company reported $4.73 earnings per share for the quarter, topping the consensus estimate of ($0.60) by $5.33. The company had revenue of $673.06 million during the quarter, compared to the consensus estimate of $24.35 million. Nurix Therapeutics had a negative return on equity of 76.09% and a negative net margin of 928.44%. Equities research analysts predict that Nurix Therapeutics will post -2.69 earnings per share for the current year.

Insider Buying and Selling at Nurix Therapeutics

In related news, CFO Hans van Houte sold 4,761 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $24.36, for a total value of $115,977.96. Following the transaction, the chief financial officer directly owned 40,166 shares of the company’s stock, valued at approximately $978,443.76. This trade represents a 10.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 4,356 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $25.00, for a total value of $108,900.00. Following the completion of the transaction, the insider directly owned 117,227 shares in the company, valued at $2,930,675. This trade represents a 3.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 21,372 shares of company stock worth $518,463 over the last ninety days. Corporate insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

Several institutional investors have recently bought and sold shares of NRIX. GAMMA Investing LLC grew its stake in Nurix Therapeutics by 95.4% during the third 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 period. Farther Finance Advisors LLC grew its stake in Nurix Therapeutics by 755.9% during the third quarter. Farther Finance Advisors LLC now owns 4,014 shares of the company’s stock worth $95,000 after buying an additional 3,545 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in Nurix Therapeutics during the second quarter worth approximately $33,000. Nykredit A S purchased a new stake in Nurix Therapeutics during the second quarter worth approximately $32,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Nurix Therapeutics during the second quarter worth approximately $341,000.

Key Headlines Impacting Nurix Therapeutics

Here are the key news stories impacting Nurix Therapeutics this week:

• Positive Sentiment: Q3 results significantly exceeded expectations. Nurix reported earnings of $4.73 per share, compared with consensus estimates for a $0.56–$0.60 loss and a $1.03 loss in the prior-year quarter. Revenue of $673.06 million also substantially exceeded the $24.35 million estimate. Nurix Therapeutics Q3 earnings article
• Positive Sentiment: Nurix advanced its lead clinical program. The company dosed the first patient in the registrational Phase 3 DAYBreak CLL-306 trial, which will compare bexobrutideg with pirtobrutinib in patients with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma. Reaching this milestone strengthens the potential path toward regulatory approval and future commercialization. Nurix third-quarter financial results and corporate update
• Positive Sentiment: Analysts remain bullish. Robert W. Baird raised its price target to $36 and reiterated an “outperform” rating. Needham reaffirmed its “buy” rating with a $34 target, while Truist maintained “buy” despite trimming its target to $33. All three targets imply substantial upside from recent trading levels.
• Negative Sentiment: Underlying profitability remains weak. Despite the headline earnings beat, Nurix reported a negative net margin of 928.44% and negative return on equity of 76.09%. The magnitude of the quarterly revenue and earnings beat may therefore require investors to determine how much reflects recurring operations versus nonrecurring items. Nurix earnings results

About Nurix Therapeutics

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.