Renaissance Technologies LLC Invests $1.83 Million in Nurix Therapeutics, Inc. $NRIX

Key Points

• Renaissance Technologies initiated a position in Nurix Therapeutics worth approximately $1.83 million, while several other institutional investors also increased their holdings during the first quarter.
• Nurix shares traded near a 12-month high at $25.96, but the company reported weaker-than-expected quarterly results, including an EPS loss of $0.81 versus the $0.73 consensus estimate and revenue of $9.04 million versus $15.29 million expected.
• Wall Street remains broadly positive, with 13 analysts rating the stock a Buy and a consensus “Moderate Buy” rating alongside an average price target of $34.21; however, insiders have sold more than 25,000 shares over the past three months.

Renaissance Technologies LLC purchased a new position in Nurix Therapeutics, Inc. (NASDAQ:NRIX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 118,000 shares of the company's stock, valued at approximately $1,829,000. Renaissance Technologies LLC owned about 0.11% of Nurix Therapeutics at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Sei Investments Co. grew its stake in Nurix Therapeutics by 128.2% during the 1st quarter. Sei Investments Co. now owns 82,108 shares of the company's stock worth $1,273,000 after buying an additional 46,132 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Nurix Therapeutics by 81.1% in the first quarter. Dimensional Fund Advisors LP now owns 780,696 shares of the company's stock valued at $12,094,000 after buying an additional 349,710 shares during the last quarter. AlphaCentric Advisors LLC lifted its stake in Nurix Therapeutics by 41.0% in the first quarter. AlphaCentric Advisors LLC now owns 25,571 shares of the company's stock valued at $396,000 after buying an additional 7,437 shares during the last quarter. KBC Group NV acquired a new position in shares of Nurix Therapeutics during the first quarter valued at $34,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Nurix Therapeutics during the first quarter valued at $208,000.

Nurix Therapeutics Trading Up 0.3%

NASDAQ:NRIX opened at $25.96 on Wednesday. The company has a 50-day moving average of $21.62 and a 200-day moving average of $18.15. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of -7.52 and a beta of 1.79. Nurix Therapeutics, Inc. has a twelve month low of $8.19 and a twelve month high of $26.36.

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). 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 return on equity of 76.09% and a negative net margin of 928.44%. On average, research analysts forecast that Nurix Therapeutics, Inc. will post -2.73 earnings per share for the current year.

Insider Buying and Selling at Nurix Therapeutics

In related news, CFO Houte Hans Van sold 4,761 shares of Nurix Therapeutics stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $24.36, for a total value of $115,977.96. Following the transaction, the chief financial officer directly owned 40,166 shares in the company, valued at $978,443.76. The trade was a 10.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 4,356 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $25.00, for a total value of $108,900.00. Following the sale, the insider directly owned 117,227 shares in the company, valued at $2,930,675. This trade represents a 3.58% decrease in their ownership of the stock. 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. Over the last three months, insiders have sold 25,314 shares of company stock valued at $589,361. Corporate insiders own 6.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NRIX. Royal Bank Of Canada increased their price objective on shares of Nurix Therapeutics from $33.00 to $36.00 and gave the stock an "outperform" rating in a report on Monday. Robert W. Baird boosted their target price on shares of Nurix Therapeutics from $26.00 to $33.00 and gave the company an "outperform" rating in a research note on Thursday, June 18th. Mizuho upped their target price on shares of Nurix Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Needham & Company LLC restated a "buy" rating and issued a $34.00 target price on shares of Nurix Therapeutics in a research report on Tuesday, August 4th. Finally, Jefferies Financial Group raised their price target on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the company a "buy" rating in a research note on Monday, June 8th. 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 company's stock. According to data from MarketBeat.com, Nurix Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $34.21.

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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