Nurix Therapeutics (NASDAQ:NRIX) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Key Points

• Robert W. Baird raised Nurix Therapeutics’ price target from $33 to $36 and maintained an “outperform” rating, implying 62.45% upside from the reported $22.16 share price.
• Analyst sentiment is broadly positive: 13 analysts rate the stock a Buy, one rates it Hold, and one rates it Sell, producing a “Moderate Buy” consensus and an average target price of $34.43.
• Nurix reported quarterly EPS of $4.73, far above the consensus estimate of a $0.60 loss, while revenue reached $673.06 million versus the $24.35 million estimate; however, the company posted negative profitability metrics and analysts expect a full-year loss.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) had its target price lifted by research analysts at Robert W. Baird from $33.00 to $36.00 in a report issued on Tuesday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Robert W. Baird's price target suggests a potential upside of 62.45% from the stock's current price.

Several other research analysts also recently commented on the company. BTIG Research reissued a "buy" rating and set a $32.00 target price on shares of Nurix Therapeutics in a research note on Friday, July 10th. Needham & Company LLC restated a "buy" rating and issued a $34.00 price target on shares of Nurix Therapeutics in a research note on Tuesday, August 4th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nurix Therapeutics in a report on Friday, July 17th. Morgan Stanley upped their price objective on shares of Nurix Therapeutics from $36.00 to $38.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 28th. Finally, Royal Bank Of Canada increased 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. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Nurix Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $34.43.

Nurix Therapeutics Stock Performance

Shares of 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 business's fifty day moving average is $25.22 and its 200-day moving average is $20.96. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of -6.42 and a beta of 1.82.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its quarterly earnings data 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 business 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%. As a group, research analysts forecast that Nurix Therapeutics will post -2.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nurix Therapeutics news, insider Gwenn Hansen sold 1,452 shares of the company's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $25.47, for a total value of $36,982.44. Following the completion of the transaction, the insider owned 117,227 shares of the company's stock, valued at $2,985,771.69. This represents a 1.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Hans van Houte sold 4,761 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $24.36, for a total value of $115,977.96. Following the completion of the transaction, the chief financial officer owned 40,166 shares of the company's stock, valued at $978,443.76. This represents a 10.60% 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 have sold a total of 21,372 shares of company stock worth $518,463 in the last 90 days. 6.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its position in Nurix Therapeutics by 95.4% during 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 period. Nykredit A S acquired a new position in Nurix Therapeutics in the 2nd quarter valued at approximately $32,000. Integrated Wealth Concepts LLC acquired a new position in Nurix Therapeutics in the 2nd quarter valued at approximately $33,000. KBC Group NV bought a new position in shares of Nurix Therapeutics during the first quarter valued at $34,000. Finally, Avalon Trust Co bought a new position in shares of Nurix Therapeutics during the second quarter valued at $64,000.

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.

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