BlackRock Inc. Buys New Position in Nurix Therapeutics, Inc. $NRIX

Key Points

• BlackRock acquired 8.77 million shares of Nurix Therapeutics in the second quarter, valued at approximately $212.8 million, giving it an 8.45% stake. Several other institutional investors also initiated positions.
• Analysts remain broadly positive, with 13 Buy ratings, one Hold and one Sell; the stock has a “Moderate Buy” consensus and an average price target of $34.21 versus its recent price of $26.88.
• Nurix reported weaker-than-expected quarterly results, including an EPS loss of $0.81 versus the $0.73 consensus and revenue of $9.04 million versus $15.29 million expected. The company remains unprofitable, with analysts projecting a full-year loss of $2.73 per share.

BlackRock Inc. purchased a new position in Nurix Therapeutics, Inc. (NASDAQ:NRIX - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 8,770,349 shares of the company's stock, valued at approximately $212,769,000. BlackRock Inc. owned 8.45% of Nurix Therapeutics as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Deutsche Bank AG acquired a new stake in Nurix Therapeutics in the 2nd quarter worth $3,674,000. Persistent Asset Partners Ltd acquired a new stake in Nurix Therapeutics during the second quarter worth about $751,000. Global Retirement Partners LLC bought a new position in Nurix Therapeutics during the second quarter valued at about $82,000. Bank of New York Mellon Corp acquired a new position in Nurix Therapeutics in the 2nd quarter valued at approximately $6,614,000. Finally, State of Wyoming bought a new stake in shares of Nurix Therapeutics in the 2nd quarter worth approximately $112,000.

Analysts Set New Price Targets

A number of brokerages recently commented on NRIX. Mizuho upped their target price on Nurix Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research note on Monday, July 13th. Robert W. Baird raised their price objective on shares of Nurix Therapeutics from $26.00 to $33.00 and gave the stock an "outperform" rating in a report on Thursday, June 18th. Jefferies Financial Group lifted their target price on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, June 8th. Needham & Company LLC reissued a "buy" rating and issued a $34.00 price target on shares of Nurix Therapeutics in a research report on Tuesday, August 4th. Finally, Oppenheimer initiated coverage on Nurix Therapeutics in a report on Monday, June 29th. They set an "outperform" rating and a $28.00 price objective on the stock. Thirteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Nurix Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $34.21.

Nurix Therapeutics Price Performance

NRIX opened at $26.88 on Friday. The stock has a market capitalization of $2.79 billion, a P/E ratio of -7.79 and a beta of 1.79. The company's 50 day simple moving average is $24.20 and its 200-day simple moving average is $18.94. Nurix Therapeutics, Inc. has a one year low of $8.19 and a one year high of $28.23.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its quarterly 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 firm had revenue of $9.04 million for the quarter, compared to analyst estimates of $15.29 million. Nurix Therapeutics had a negative net margin of 928.44% and a negative return on equity of 76.09%. As a group, analysts anticipate that Nurix Therapeutics, Inc. will post -2.73 EPS for the current year.

Insider Activity

In other Nurix Therapeutics news, insider Gwenn Hansen sold 5,394 shares of the company's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $20.00, for a total transaction of $107,880.00. Following the completion of the sale, 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. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Houte Hans Van sold 4,761 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 40,166 shares in the company, valued at approximately $978,443.76. This trade represents a 10.60% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,314 shares of company stock worth $589,361 in the last ninety days. Insiders own 6.70% of the company's stock.

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.

Want to see what other hedge funds are holding NRIX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nurix Therapeutics, Inc. (NASDAQ:NRIX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source