Nurix Therapeutics, Inc. (NASDAQ:NRIX) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Nurix Therapeutics, with 13 buy ratings, one hold and one sell. The average 12-month price target is $34.21, above the reported share price of $25.82.
• Nurix shares have risen within a 52-week range of $8.19 to $28.23, while the company continues to report losses. Its latest quarterly EPS of -$0.81 missed expectations, and revenue of $9.04 million fell short of the $15.29 million consensus estimate.
• Institutional interest has increased, including a new $212.8 million position from BlackRock and a 115.9% stake increase by Morgan Stanley. Meanwhile, insiders sold 26,766 shares worth $626,343 over the past three months, largely through pre-arranged trading plans.

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the fifteen research firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and thirteen have given a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $34.2143.

NRIX has been the subject of a number of recent analyst reports. Oppenheimer began coverage on Nurix Therapeutics in a research note on Monday, June 29th. They issued an "outperform" rating and a $28.00 price objective for the company. Mizuho lifted their target price on Nurix Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. Truist Financial boosted their price target on shares of Nurix Therapeutics from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Wall Street Zen upgraded shares of Nurix Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Wells Fargo & Company downgraded shares of Nurix Therapeutics from an "overweight" rating to a "hold" rating and decreased their price objective for the stock from $28.00 to $25.00 in a report on Monday, June 8th.

Insider Buying and Selling

In related news, CFO Houte Hans Van sold 4,761 shares of Nurix Therapeutics stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $24.36, for a total value of $115,977.96. Following the sale, the chief financial officer owned 40,166 shares of the company's stock, valued at approximately $978,443.76. The trade was a 10.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 5,394 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $20.00, for a total value of $107,880.00. Following the completion of the transaction, the insider owned 115,005 shares in the company, valued at approximately $2,300,100. The trade was a 4.48% decrease in their position. 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 a total of 26,766 shares of company stock valued at $626,343 over the last three months. Insiders own 6.70% of the company's stock.

Institutional Trading of Nurix Therapeutics

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Nurix Therapeutics during the second quarter worth about $212,769,000. General Atlantic L.P. bought a new position in Nurix Therapeutics in the 4th quarter valued at $92,899,000. Morgan Stanley grew its position in Nurix Therapeutics by 115.9% during the fourth quarter. Morgan Stanley now owns 4,881,069 shares of the company's stock worth $92,594,000 after buying an additional 2,620,323 shares in the last quarter. Rubric Capital Management LP purchased a new position in shares of Nurix Therapeutics during the fourth quarter worth about $46,930,000. Finally, Braidwell LP bought a new stake in shares of Nurix Therapeutics during the 4th quarter worth $41,428,000.

Nurix Therapeutics Stock Performance

Shares of NRIX stock opened at $25.82 on Thursday. Nurix Therapeutics has a 52-week low of $8.19 and a 52-week high of $28.23. The company has a 50-day simple moving average of $24.79 and a two-hundred day simple moving average of $19.21. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -7.48 and a beta of 1.80.

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 the consensus estimate of ($0.73) by ($0.08). The business had revenue of $9.04 million during the quarter, compared to the consensus estimate of $15.29 million. Nurix Therapeutics had a negative net margin of 928.44% and a negative return on equity of 76.09%. On average, sell-side analysts forecast that Nurix Therapeutics will post -2.73 EPS for the current fiscal year.

About Nurix Therapeutics

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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