BTIG Research Increases Nurix Therapeutics (NASDAQ:NRIX) Price Target to $32.00

Key Points

• BTIG Research raised its price target on Nurix Therapeutics from $30 to $32 and kept a buy rating, implying roughly 104.6% upside from the current share price.
• Other analysts were also largely upbeat: Needham lifted its target to $34, Jefferies to $45, and HC Wainwright and Truist reiterated $32 targets, giving Nurix a Moderate Buy consensus with an average target of $32.14.
• Shares were trading up 6.8% at $15.64, while the company’s latest earnings showed a wider-than-expected loss and weaker revenue than expected, highlighting that optimism is being driven more by pipeline and analyst sentiment than recent fundamentals.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) had its target price raised by research analysts at BTIG Research from $30.00 to $32.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. BTIG Research's target price points to a potential upside of 104.60% from the company's current price.

A number of other equities analysts also recently issued reports on the company. Needham & Company LLC increased their price target on Nurix Therapeutics from $26.00 to $34.00 and gave the stock a "buy" rating in a research report on Monday. Jefferies Financial Group increased their price target on Nurix Therapeutics from $41.00 to $45.00 and gave the stock a "buy" rating in a research report on Monday. HC Wainwright reaffirmed a "buy" rating and set a $32.00 price objective on shares of Nurix Therapeutics in a research report on Monday, April 27th. Truist Financial set a $32.00 price objective on Nurix Therapeutics in a research report on Monday. Finally, Wells Fargo & Company downgraded Nurix Therapeutics from an "overweight" rating to a "hold" rating and dropped their price objective for the company from $28.00 to $25.00 in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $32.14.

Nurix Therapeutics Trading Up 6.8%

NRIX opened at $15.64 on Tuesday. Nurix Therapeutics has a 12-month low of $8.19 and a 12-month high of $22.50. The business's fifty day simple moving average is $16.33 and its 200-day simple moving average is $16.91. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -4.95 and a beta of 1.86.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last posted its quarterly earnings results on Wednesday, April 8th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.03). Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%.The firm had revenue of $6.25 million for the quarter, compared to the consensus estimate of $14.25 million. On average, equities research analysts predict that Nurix Therapeutics will post -2.94 EPS for the current year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 14,055 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $16.60, for a total value of $233,313.00. Following the completion of the sale, the chief financial officer directly owned 37,592 shares in the company, valued at approximately $624,027.20. This trade represents a 27.21% decrease in their ownership of the stock. The transaction 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 3,214 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $16.65, for a total value of $53,513.10. Following the completion of the sale, the insider owned 120,399 shares of the company's stock, valued at approximately $2,004,643.35. This trade represents a 2.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 19,657 shares of company stock valued at $326,586. 6.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nurix Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NRIX. General Atlantic L.P. purchased a new stake in Nurix Therapeutics in the fourth quarter valued at about $92,899,000. Morgan Stanley raised its stake in Nurix Therapeutics by 115.9% in the fourth quarter. Morgan Stanley now owns 4,881,069 shares of the company's stock valued at $92,594,000 after buying an additional 2,620,323 shares during the last quarter. Rubric Capital Management LP purchased a new stake in Nurix Therapeutics in the fourth quarter valued at about $46,930,000. Braidwell LP purchased a new stake in Nurix Therapeutics in the fourth quarter valued at about $41,428,000. Finally, Price T Rowe Associates Inc. MD raised its stake in Nurix Therapeutics by 195.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,248,361 shares of the company's stock valued at $61,622,000 after buying an additional 2,149,268 shares during the last quarter.

Trending Headlines about Nurix Therapeutics

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

• Positive Sentiment: Nurix signed a global collaboration and licensing deal with Roche that includes a $700 million upfront payment and up to $2.3 billion in total potential milestone and sales-related payments. Article Title
• Positive Sentiment: The agreement gives Nurix and Roche a path to jointly develop and commercialize bexobrutideg in malignant hematology, with additional expansion plans into immunology and neurology, broadening the drug’s commercial potential. Article Title
• Positive Sentiment: Analysts reacted favorably, with several firms raising price targets after the Roche partnership, signaling higher confidence in Nurix’s pipeline and longer-term commercialization prospects. Article Title
• Neutral Sentiment: Roche will share development costs and take the larger share of those expenses, while U.S. profits and losses will be split equally and Nurix will receive royalties on ex-U.S. sales, which limits near-term dilution concerns but also shares economics. Article Title
• Negative Sentiment: One analyst note lowered a price target, showing that while sentiment is broadly positive, expectations remain mixed on execution and valuation after the stock’s sharp move higher. Article Title

Nurix Therapeutics Company Profile

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that harness the ubiquitin-proteasome system to selectively degrade disease-causing proteins. By modulating E3 ubiquitin ligases and related molecular machinery, Nurix aims to expand treatment options for patient populations with unmet medical needs in oncology and immunology.

The company's pipeline includes multiple programs in various stages of development.

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