Mizuho Forecasts Strong Price Appreciation for Nurix Therapeutics (NASDAQ:NRIX) Stock

Key Points

• Mizuho raised its price target on Nurix Therapeutics to $34 from $30 and kept an outperform rating, implying about 47% upside from the prior close.
• Other analysts remain largely positive on NRIX, with multiple firms lifting targets and the stock carrying a consensus rating of Moderate Buy and a consensus price target of $34.08.
• Despite bullish coverage, Nurix just reported a wider-than-expected quarterly loss and revenue that missed estimates, while insiders have also sold shares in recent months.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) had its price objective raised by investment analysts at Mizuho from $30.00 to $34.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Mizuho's price objective would indicate a potential upside of 47.44% from the company's previous close.

Several other equities research analysts have also issued reports on NRIX. Robert W. Baird upped their price target on Nurix Therapeutics from $26.00 to $33.00 and gave the company an "outperform" rating in a research report on Thursday, June 18th. Oppenheimer began coverage on shares of Nurix Therapeutics in a research report on Monday, June 29th. They set an "outperform" rating and a $28.00 price target for the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $34.00 price objective on shares of Nurix Therapeutics in a report on Friday. Wells Fargo & Company downgraded shares of Nurix Therapeutics from an "overweight" rating to a "hold" rating and cut their price objective for the company from $28.00 to $25.00 in a research report on Monday, June 8th. Finally, Royal Bank Of Canada boosted their target price on shares of Nurix Therapeutics from $30.00 to $33.00 and gave the company an "outperform" rating in a research note on Friday. Twelve research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Nurix Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.08.

Nurix Therapeutics Price Performance

Shares of NRIX stock opened at $23.06 on Monday. Nurix Therapeutics has a 1-year low of $8.19 and a 1-year high of $25.08. The company has a market cap of $2.39 billion, a price-to-earnings ratio of -6.68 and a beta of 1.80. The stock has a 50 day simple moving average of $18.44 and a 200-day simple moving average of $17.36.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its quarterly earnings results on Thursday, July 9th. The company reported ($0.81) 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 return on equity of 76.09% and a negative net margin of 928.44%. Analysts anticipate that Nurix Therapeutics will post -2.88 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Gwenn Hansen sold 5,394 shares of the stock in a transaction that occurred 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 sale, the insider owned 115,005 shares in the company, valued at approximately $2,300,100. This trade represents a 4.48% decrease in their position. The transaction was disclosed in a legal 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 company's stock in a transaction 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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 25,051 shares of company stock worth $434,466 in the last three months. Insiders own 6.70% of the company's stock.

Hedge Funds Weigh In On Nurix Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of NRIX. Handelsbanken Fonder AB lifted its position in Nurix Therapeutics by 15.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 633,000 shares of the company's stock valued at $15,357,000 after acquiring an additional 86,000 shares in the last quarter. Perceptive Advisors LLC raised its position in Nurix Therapeutics by 4.4% in the 1st quarter. Perceptive Advisors LLC now owns 3,710,877 shares of the company's stock worth $57,519,000 after buying an additional 155,000 shares during the last quarter. Bank of America Corp DE lifted its stake in Nurix Therapeutics by 8.9% during the 1st quarter. Bank of America Corp DE now owns 802,153 shares of the company's stock valued at $12,433,000 after acquiring an additional 65,595 shares during the period. Stempoint Capital LP purchased a new stake in shares of Nurix Therapeutics during the 1st quarter valued at about $4,886,000. Finally, California State Teachers Retirement System grew its stake in shares of Nurix Therapeutics by 45.6% in the first quarter. California State Teachers Retirement System now owns 99,042 shares of the company's stock worth $1,535,000 after acquiring an additional 31,023 shares during the period.

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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