Trails Edge Capital Partners LP Invests $38.17 Billion in Nurix Therapeutics, Inc. $NRIX

Key Points

• Trails Edge Capital Partners initiated a position of 1.57 million Nurix Therapeutics shares, reportedly valued at approximately $38.17 billion, representing 1.52% of NRIX and 6.1% of the fund’s portfolio. Other major institutions, including BlackRock, Vanguard, Morgan Stanley and Vestal Point, also increased or initiated holdings.
• Analyst sentiment is broadly positive: 13 analysts rate NRIX a Buy, one rates it Hold and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $34.21 versus a recent price of $26.95.
• Nurix recently missed quarterly expectations, reporting an adjusted loss of $0.81 per share versus a projected $0.73 loss and revenue of $9.04 million versus a $15.29 million estimate. Insiders sold 25,314 shares over the last quarter, while the stock remains near its 52-week high of $28.23.

Trails Edge Capital Partners LP bought a new stake in Nurix Therapeutics, Inc. (NASDAQ:NRIX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,573,220 shares of the company's stock, valued at approximately $38,166,318,000. Nurix Therapeutics comprises approximately 6.1% of Trails Edge Capital Partners LP's portfolio, making the stock its 2nd largest holding. Trails Edge Capital Partners LP owned 1.52% of Nurix Therapeutics at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. bought a new stake in Nurix Therapeutics during the 2nd quarter worth approximately $212,769,000. Vanguard Group Inc. raised its position in Nurix Therapeutics by 32.5% in the 4th quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company's stock valued at $112,862,000 after purchasing an additional 1,460,736 shares during the last quarter. General Atlantic L.P. bought a new position in Nurix Therapeutics in the 4th quarter valued at $92,899,000. Morgan Stanley boosted its stake in Nurix Therapeutics by 115.9% in the fourth quarter. Morgan Stanley now owns 4,881,069 shares of the company's stock worth $92,594,000 after purchasing an additional 2,620,323 shares in the last quarter. Finally, Vestal Point Capital LP boosted its stake in Nurix Therapeutics by 35.0% in the fourth quarter. Vestal Point Capital LP now owns 4,690,000 shares of the company's stock worth $88,969,000 after purchasing an additional 1,215,000 shares in the last quarter.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, insider Gwenn Hansen sold 4,356 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $25.00, for a total transaction of $108,900.00. Following the transaction, the insider directly owned 117,227 shares in the company, valued at approximately $2,930,675. This represents a 3.58% decrease in their position. The transaction was disclosed in a document filed 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 firm's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $24.36, for a total transaction of $115,977.96. Following the completion of the transaction, the chief financial officer directly owned 40,166 shares in the company, valued at $978,443.76. This trade represents a 10.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 25,314 shares of company stock valued at $589,361. Corporate insiders own 6.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NRIX. Royal Bank Of Canada increased their target price on Nurix Therapeutics from $33.00 to $36.00 and gave the stock an "outperform" rating in a report on Monday, August 10th. UBS Group upped their price target on shares of Nurix Therapeutics from $23.00 to $31.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Wells Fargo & Company lowered 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. HC Wainwright raised their price objective on shares of Nurix Therapeutics from $32.00 to $34.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Finally, Truist Financial raised their price objective on shares of Nurix Therapeutics from $32.00 to $34.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $34.21.

Nurix Therapeutics Stock Performance

NASDAQ NRIX opened at $26.95 on Wednesday. The stock has a fifty day moving average of $23.82 and a 200-day moving average of $18.79. The stock has a market capitalization of $2.80 billion, a P/E ratio of -7.81 and a beta of 1.79. Nurix Therapeutics, Inc. has a 52 week low of $8.19 and a 52 week high of $28.23.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share for the quarter, missing analysts' consensus estimates of ($0.73) by ($0.08). Nurix Therapeutics had a negative return on equity of 76.09% and a negative net margin of 928.44%.The firm had revenue of $9.04 million for the quarter, compared to the consensus estimate of $15.29 million. Equities research analysts forecast that Nurix Therapeutics, Inc. will post -2.73 earnings per share 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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