Nurix Therapeutics, Inc. $NRIX is Redmile Group LLC's 5th Largest Position

Key Points

• Redmile Group trimmed its Nurix Therapeutics position by 4.5% in the first quarter but still held 7.73 million shares worth approximately $119.9 million, making NRIX its fifth-largest holding and representing 7.48% of the company.
• Analyst sentiment remains favorable, with 13 Buy ratings, one Hold and one Sell; the average rating is “Moderate Buy” and the consensus price target is $34, above the reported $24.15 share price.
• Nurix reported weaker-than-expected quarterly results, posting an adjusted loss of $0.81 per share versus the $0.73 consensus estimate and revenue of $9.04 million versus expectations of $15.29 million. Insiders also sold 25,051 shares worth $434,466 during the quarter.

Redmile Group LLC trimmed its position in Nurix Therapeutics, Inc. (NASDAQ:NRIX - Free Report) by 4.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,732,808 shares of the company's stock after selling 361,100 shares during the quarter. Nurix Therapeutics makes up approximately 7.9% of Redmile Group LLC's portfolio, making the stock its 5th biggest holding. Redmile Group LLC owned approximately 7.48% of Nurix Therapeutics worth $119,859,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Nurix Therapeutics by 32.5% during the 4th quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company's stock worth $112,862,000 after acquiring an additional 1,460,736 shares during the period. 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 shares of Nurix Therapeutics by 115.9% during the 4th quarter. Morgan Stanley now owns 4,881,069 shares of the company's stock valued at $92,594,000 after purchasing an additional 2,620,323 shares in the last quarter. Vestal Point Capital LP grew its position in shares of Nurix Therapeutics by 35.0% during the 4th quarter. Vestal Point Capital LP now owns 4,690,000 shares of the company's stock valued at $88,969,000 after purchasing an additional 1,215,000 shares in the last quarter. Finally, Baker BROS. Advisors LP increased its holdings in shares of Nurix Therapeutics by 20.0% in the fourth quarter. Baker BROS. Advisors LP now owns 4,658,556 shares of the company's stock worth $88,373,000 after purchasing an additional 776,431 shares during the period.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Truist Financial increased 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. Royal Bank Of Canada upped their target price on Nurix Therapeutics from $30.00 to $33.00 and gave the stock an "outperform" rating in a research note on Friday, July 10th. Oppenheimer assumed coverage on Nurix Therapeutics in a report on Monday, June 29th. They issued an "outperform" rating and a $28.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating and set a $34.00 price target on shares of Nurix Therapeutics in a research report on Friday, July 10th. Finally, HC Wainwright boosted their price objective on Nurix Therapeutics from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Thirteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Nurix Therapeutics has an average rating of "Moderate Buy" and an average price target of $34.00.

Insider Transactions at Nurix Therapeutics

In related news, insider Gwenn Hansen sold 5,394 shares of the firm's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $20.00, for a total transaction of $107,880.00. Following the transaction, the insider directly owned 115,005 shares of the company's stock, valued at approximately $2,300,100. This trade represents a 4.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Houte Hans Van sold 14,055 shares of the business's stock in a transaction that occurred on 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 owned 37,592 shares of the company's stock, valued at $624,027.20. The trade was a 27.21% 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 25,051 shares of company stock valued at $434,466 over the last quarter. Company insiders own 6.70% of the company's stock.

Nurix Therapeutics Stock Performance

NASDAQ NRIX opened at $24.15 on Wednesday. Nurix Therapeutics, Inc. has a 52-week low of $8.19 and a 52-week high of $25.08. The company has a fifty day moving average of $20.16 and a 200-day moving average of $17.75. The company has a market capitalization of $2.51 billion, a P/E ratio of -7.00 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) 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 firm had revenue of $9.04 million during the quarter, compared to the consensus estimate of $15.29 million. As a group, analysts forecast that Nurix Therapeutics, Inc. will post -2.82 EPS for the current fiscal year.

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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