Nurix Therapeutics, Inc. $NRIX Position Boosted by Baker BROS. Advisors LP

Key Points

• Baker BROS. Advisors LP boosted its Nurix Therapeutics stake by 20% in the fourth quarter, buying 776,431 additional shares and bringing its total holding to 4.66 million shares worth about $88.4 million.
• Analyst sentiment is mixed but mostly positive: several firms raised or reaffirmed buy ratings and higher price targets, while Wells Fargo downgraded the stock to hold and trimmed its target to $25.
• Nurix reported a wider-than-expected quarterly loss, with EPS of -$0.79 versus the expected -$0.76 and revenue of $6.25 million, while insiders also sold shares during the quarter.

Baker BROS. Advisors LP increased its holdings in Nurix Therapeutics, Inc. (NASDAQ:NRIX - Free Report) by 20.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,658,556 shares of the company's stock after buying an additional 776,431 shares during the quarter. Nurix Therapeutics comprises 0.5% of Baker BROS. Advisors LP's portfolio, making the stock its 28th largest holding. Baker BROS. Advisors LP owned about 4.53% of Nurix Therapeutics worth $88,373,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Larson Financial Group LLC lifted its position in Nurix Therapeutics by 339.0% in the fourth quarter. Larson Financial Group LLC now owns 1,541 shares of the company's stock worth $29,000 after purchasing an additional 1,190 shares during the period. California State Teachers Retirement System lifted its position in Nurix Therapeutics by 2.2% in the fourth quarter. California State Teachers Retirement System now owns 68,019 shares of the company's stock worth $1,290,000 after purchasing an additional 1,476 shares during the period. Intesa Sanpaolo Wealth Management acquired a new stake in Nurix Therapeutics in the fourth quarter worth approximately $31,000. Royal Bank of Canada lifted its position in Nurix Therapeutics by 17.6% in the fourth quarter. Royal Bank of Canada now owns 10,842 shares of the company's stock worth $206,000 after purchasing an additional 1,623 shares during the period. Finally, Arizona State Retirement System lifted its position in Nurix Therapeutics by 8.2% in the fourth quarter. Arizona State Retirement System now owns 21,990 shares of the company's stock worth $417,000 after purchasing an additional 1,674 shares during the period.

Analyst Upgrades and Downgrades

NRIX has been the subject of a number of research analyst reports. Wells Fargo & Company downgraded Nurix Therapeutics from an "overweight" rating to a "hold" rating and cut their target price for the stock from $28.00 to $25.00 in a research report on Monday, June 8th. Needham & Company LLC restated a "buy" rating and issued a $34.00 target price on shares of Nurix Therapeutics in a research report on Monday. Truist Financial upped their target price on Nurix Therapeutics from $30.00 to $32.00 and gave the stock a "buy" rating in a research report on Monday, June 8th. HC Wainwright restated a "buy" rating and issued a $32.00 target price on shares of Nurix Therapeutics in a research report on Wednesday, June 10th. Finally, Jefferies Financial Group upped their target price on Nurix Therapeutics from $41.00 to $45.00 and gave the stock a "buy" rating in a research report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned 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 stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $32.14.

Insiders Place Their Bets

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

Nurix Therapeutics Stock Performance

Shares of NASDAQ:NRIX opened at $17.12 on Thursday. Nurix Therapeutics, Inc. has a one year low of $8.19 and a one year high of $22.50. The stock has a fifty day moving average of $16.51 and a 200-day moving average of $16.91. The company has a market capitalization of $1.77 billion, a PE ratio of -5.42 and a beta of 1.86.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its quarterly earnings data on Wednesday, April 8th. The company reported ($0.79) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.03). Nurix Therapeutics had a negative net margin of 411.37% and a negative return on equity of 64.21%. The company had revenue of $6.25 million for the quarter, compared to analyst estimates of $14.25 million. As a group, research analysts forecast that Nurix Therapeutics, Inc. will post -2.88 EPS for the current fiscal year.

Nurix Therapeutics 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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