Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Up on Analyst Upgrade

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) gapped up before the market opened on Thursday after Royal Bank of Canada raised their price target on the stock from $22.00 to $23.00. The stock had previously closed at $15.69, but opened at $17.09. Royal Bank of Canada currently has an outperform rating on the stock. Nurix Therapeutics shares last traded at $17.23, with a volume of 82,133 shares changing hands.

Other research analysts also recently issued reports about the company. Wells Fargo & Company cut their price target on Nurix Therapeutics from $23.00 to $20.00 and set an "overweight" rating on the stock in a report on Friday, February 16th. HC Wainwright cut their target price on Nurix Therapeutics from $35.00 to $19.00 and set a "buy" rating on the stock in a research note on Tuesday, February 20th. Morgan Stanley boosted their target price on shares of Nurix Therapeutics from $9.00 to $10.00 and gave the stock an "equal weight" rating in a report on Monday, February 26th. Needham & Company LLC restated a "buy" rating and issued a $31.00 price target on shares of Nurix Therapeutics in a report on Tuesday. Finally, Robert W. Baird lifted their price objective on shares of Nurix Therapeutics from $24.00 to $25.00 and gave the stock an "outperform" rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $21.33.

Insider Activity at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 6,812 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $10.02, for a total value of $68,256.24. Following the completion of the sale, the chief financial officer now directly owns 68,333 shares in the company, valued at $684,696.66. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 10,817 shares of company stock valued at $100,256 in the last ninety days. Corporate insiders own 7.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NRIX. Swiss National Bank lifted its stake in shares of Nurix Therapeutics by 8.0% during the first quarter. Swiss National Bank now owns 47,500 shares of the company's stock worth $665,000 after buying an additional 3,500 shares during the period. JPMorgan Chase & Co. lifted its position in Nurix Therapeutics by 34.1% during the 1st quarter. JPMorgan Chase & Co. now owns 120,516 shares of the company's stock worth $1,688,000 after acquiring an additional 30,664 shares during the period. MetLife Investment Management LLC grew its stake in Nurix Therapeutics by 58.5% during the 1st quarter. MetLife Investment Management LLC now owns 18,670 shares of the company's stock valued at $262,000 after purchasing an additional 6,891 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Nurix Therapeutics by 4.9% in the first quarter. Rhumbline Advisers now owns 33,511 shares of the company's stock valued at $469,000 after purchasing an additional 1,573 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Nurix Therapeutics by 104.1% in the first quarter. Dimensional Fund Advisors LP now owns 237,525 shares of the company's stock worth $3,328,000 after purchasing an additional 121,167 shares during the last quarter.

Nurix Therapeutics Price Performance

The stock has a fifty day moving average of $12.28 and a 200 day moving average of $9.15. The stock has a market cap of $845.89 million, a price-to-earnings ratio of -6.49 and a beta of 2.06.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last posted its quarterly earnings results on Thursday, February 15th. The company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.51) by ($0.26). Nurix Therapeutics had a negative return on equity of 59.47% and a negative net margin of 186.98%. The business had revenue of $15.16 million for the quarter, compared to analysts' expectations of $30.66 million. As a group, equities analysts expect that Nurix Therapeutics, Inc. will post -3.26 earnings per share for the current fiscal year.

Nurix Therapeutics Company Profile

Nurix Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule and cell therapies for the treatment of cancer, inflammatory conditions, and other diseases. The company develops NX-2127, an orally bioavailable Bruton's tyrosine kinase (BTK) degrader for the treatment of relapsed or refractory B-cell malignancies; NX-5948, an orally bioavailable BTK degrader for the treatment of relapsed or refractory B-cell malignancies and autoimmune diseases; and NX-1607, an orally bioavailable Casitas B-lineage lymphoma proto-oncogene-B (CBL-B) inhibitor for immuno-oncology indications.