Needham & Company LLC Reaffirms "Buy" Rating for Nurix Therapeutics (NASDAQ:NRIX)

Key Points

• Needham & Company reaffirmed its “Buy” rating on Nurix Therapeutics with a $34 price target, implying approximately 53% upside from the reported $22.16 share price. The analyst consensus remains “Moderate Buy,” with an average target of $34.36.
• Nurix shares have traded between $9.00 and $28.23 over the past year, with a market capitalization of about $2.30 billion. The company reported quarterly EPS of $4.73, exceeding the consensus estimate of a $0.60 loss.
• Institutional interest has increased, including new positions from BlackRock and General Atlantic and a 151% increase in Perceptive Advisors’ holdings. Insiders, however, sold 21,372 shares worth approximately $518,000 over the past 90 days.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report)'s stock had its "buy" rating reissued by analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They currently have a $34.00 target price on the stock. Needham & Company LLC's price objective suggests a potential upside of 53.43% from the stock's current price.

Several other analysts also recently issued reports on NRIX. Mizuho lifted their price target on shares of Nurix Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. Stifel Nicolaus upped their price objective on shares of Nurix Therapeutics from $34.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Royal Bank Of Canada raised 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 Monday, August 10th. Robert W. Baird lifted their price objective on shares of Nurix Therapeutics from $33.00 to $36.00 and gave the company an "outperform" rating in a report on Tuesday. Finally, UBS Group boosted their target price on shares of Nurix Therapeutics from $23.00 to $31.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Thirteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Nurix Therapeutics has an average rating of "Moderate Buy" and an average price target of $34.36.

Nurix Therapeutics Stock Performance

Shares of NASDAQ NRIX opened at $22.16 on Tuesday. Nurix Therapeutics has a 52-week low of $9.00 and a 52-week high of $28.23. The firm has a 50 day moving average price of $25.22 and a two-hundred day moving average price of $20.96. The stock has a market cap of $2.30 billion, a P/E ratio of -6.42 and a beta of 1.82.

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

Insider Buying and Selling

In related news, CFO Hans van Houte sold 4,761 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $24.36, for a total transaction of $115,977.96. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 1,452 shares of Nurix Therapeutics stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $25.47, for a total value of $36,982.44. Following the sale, the insider owned 117,227 shares in the company, valued at $2,985,771.69. This trade represents a 1.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 21,372 shares of company stock valued at $518,463 over the last ninety days. 6.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nurix Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in NRIX. BlackRock Inc. bought a new position in Nurix Therapeutics during the second quarter valued at about $212,769,000. General Atlantic L.P. purchased a new stake in Nurix Therapeutics during the fourth quarter worth about $92,899,000. Perceptive Advisors LLC increased its holdings in Nurix Therapeutics by 151.1% during the fourth quarter. Perceptive Advisors LLC now owns 3,555,877 shares of the company's stock worth $67,455,000 after buying an additional 2,139,728 shares during the last quarter. Trails Edge Capital Partners LP bought a new stake in Nurix Therapeutics in the second quarter worth about $38,166,318. Finally, Bank of America Corp DE bought a new stake in Nurix Therapeutics in the second quarter worth about $20,429,000.

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.