Nurix Therapeutics (NASDAQ:NRIX) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Nurix Therapeutics from “hold” to “buy.” The stock has a “Moderate Buy” consensus rating among analysts, with an average price target of $34.79 versus a recent price of $24.42.
• Nurix reported quarterly EPS of $4.73, exceeding the analyst consensus estimate of a $0.60 loss, while revenue reached $673.06 million versus the $24.35 million estimate.
• Company insiders sold 45,407 shares worth approximately $1.08 million over the last quarter, while several institutional investors initiated or increased small positions in the stock.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other research firms have also recently commented on NRIX. Royal Bank Of Canada cut their target price on Nurix Therapeutics from $36.00 to $35.00 and set an "outperform" rating on the stock in a research note on Tuesday. Mizuho raised their price target on shares of Nurix Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. Stifel Nicolaus set a $41.00 price target on shares of Nurix Therapeutics in a research note on Tuesday. Oppenheimer lifted their price objective on shares of Nurix Therapeutics from $28.00 to $32.00 and gave the company an "outperform" rating in a report on Tuesday. Finally, UBS Group boosted their price objective 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 analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $34.79.

Nurix Therapeutics Price Performance

NRIX opened at $24.42 on Friday. The business's 50-day moving average price is $25.11 and its two-hundred day moving average price is $21.16. Nurix Therapeutics has a 1 year low of $9.71 and a 1 year high of $28.23. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 10.57 and a beta of 1.82.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its quarterly earnings results on Monday, October 12th. The company reported $4.73 EPS for the quarter, beating analysts' consensus estimates of ($0.60) by $5.33. The company had revenue of $673.06 million for the quarter, compared to analyst estimates of $24.35 million. Nurix Therapeutics had a return on equity of 49.34% and a net margin of 42.01%. Sell-side analysts anticipate that Nurix Therapeutics will post 0.85 earnings per share for the current fiscal year.

Insider Activity at Nurix Therapeutics

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 transaction, the chief financial officer directly owned 40,166 shares of the company's stock, valued at approximately $978,443.76. This represents a 10.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julia P. Gregory sold 22,583 shares of the stock in a transaction that occurred on Wednesday, October 14th. The shares were sold at an average price of $23.40, for a total value of $528,442.20. Following the transaction, the director directly owned 10,750 shares of the company's stock, valued at $251,550. This trade represents a 67.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 45,407 shares of company stock valued at $1,083,206. 6.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in shares of 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 purchasing an additional 620 shares in the last quarter. Nykredit A S bought a new position in shares of Nurix Therapeutics in the second quarter valued at $32,000. Integrated Wealth Concepts LLC acquired a new position in Nurix Therapeutics during the second quarter worth $33,000. KBC Group NV bought a new stake in Nurix Therapeutics during the first quarter worth $34,000. Finally, Avalon Trust Co bought a new stake in Nurix Therapeutics during the second quarter worth $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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