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

Key Points

• Wall Street Zen upgraded Nurix Therapeutics from “Sell” to “Hold,” while the broader analyst consensus remains “Moderate Buy,” with an average price target of $34.21.
• NRIX shares opened at $23.01, down 2.7%, and have traded between $8.33 and $28.23 over the past year. The company’s latest quarterly results missed expectations, reporting an adjusted loss of $0.81 per share and revenue of $9.04 million.
• Company insiders sold 21,372 shares worth approximately $518,463 over the past three months, though several institutional investors recently initiated positions in the stock.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other brokerages have also recently issued reports on NRIX. Jefferies Financial Group lifted their price objective on Nurix Therapeutics from $41.00 to $45.00 and gave the company a "buy" rating in a research note on Monday, June 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Nurix Therapeutics in a research note on Friday, July 17th. Royal Bank Of Canada raised their target price on shares of Nurix Therapeutics from $33.00 to $36.00 and gave the company an "outperform" rating in a report on Monday, August 10th. Robert W. Baird lifted their price target on shares of Nurix Therapeutics from $26.00 to $33.00 and gave the stock an "outperform" rating in a research note on Thursday, June 18th. Finally, Truist Financial upped 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. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $34.21.

Nurix Therapeutics Stock Down 2.7%

Nurix Therapeutics stock opened at $23.01 on Friday. Nurix Therapeutics has a 52-week low of $8.33 and a 52-week high of $28.23. The firm has a market cap of $2.39 billion, a PE ratio of -6.67 and a beta of 1.80. The company's 50 day moving average is $25.33 and its two-hundred day moving average is $20.32.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.73) by ($0.08). Nurix Therapeutics had a negative net margin of 928.44% and a negative return on equity of 76.09%. The company had revenue of $9.04 million during the quarter, compared to analysts' expectations of $15.29 million. On average, equities research analysts anticipate that Nurix Therapeutics will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Nurix Therapeutics

In other news, insider Gwenn Hansen sold 4,356 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $25.00, for a total value of $108,900.00. Following the completion of the sale, the insider directly owned 117,227 shares of the company's stock, valued at approximately $2,930,675. This represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 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 owned 40,166 shares of the company's stock, valued at $978,443.76. This trade represents 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 21,372 shares of company stock worth $518,463 over the last three months. 6.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Nykredit A S purchased a new position in Nurix Therapeutics during the 2nd quarter worth $32,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Nurix Therapeutics in the 2nd quarter worth $33,000. KBC Group NV purchased a new stake in shares of Nurix Therapeutics in the first quarter valued at about $34,000. Avalon Trust Co purchased a new stake in shares of Nurix Therapeutics in the second quarter valued at about $64,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Nurix Therapeutics during the fourth quarter worth about $53,000.

About Nurix Therapeutics

Nurix Therapeutics, Inc is a biopharmaceutical company focused on developing medicines that regulate the body's natural protein-disposal systems to treat cancer and other serious diseases. The company's approach centers on targeted protein modulation, including the use of small molecules to promote the degradation of disease-causing proteins or alter the activity of proteins involved in immune responses.

Nurix's technology platform is built around E3 ligases, enzymes that help determine which proteins are marked for destruction inside cells.

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