Needham & Company LLC Reaffirms "Buy" Rating for Nurix Therapeutics (NASDAQ:NRIX)

Key Points

• Needham & Company reaffirmed a "Buy" rating on Nurix with a $26 price target, implying roughly a 60% upside from the prior close.
• Analyst sentiment is broadly positive—multiple firms have raised targets into the $30–$35 range and MarketBeat shows a consensus rating of "Moderate Buy" with a $30.54 consensus target.
• Nurix's latest quarter missed expectations (EPS of -$0.79 vs. -$0.76 est., revenue $6.25M vs. $14.25M est.) and the company reported a deeply negative net margin and return on equity.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $26.00 target price on the stock. Needham & Company LLC's target price would suggest a potential upside of 60.31% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Nurix Therapeutics in a research note on Thursday, January 22nd. HC Wainwright reissued a "buy" rating and set a $32.00 price objective on shares of Nurix Therapeutics in a research note on Tuesday, March 24th. Piper Sandler raised their price objective on shares of Nurix Therapeutics from $32.00 to $35.00 and gave the stock an "overweight" rating in a research note on Thursday, January 29th. Royal Bank Of Canada raised their price objective on shares of Nurix Therapeutics from $28.00 to $30.00 and gave the stock an "outperform" rating in a research note on Thursday, January 29th. Finally, Stifel Nicolaus raised their price objective on shares of Nurix Therapeutics from $33.00 to $35.00 and gave the stock a "buy" rating in a research note on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Nurix Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $30.54.

Nurix Therapeutics Trading Down 0.8%

Shares of NASDAQ NRIX traded down $0.13 during midday trading on Wednesday, reaching $16.22. 764,289 shares of the company were exchanged, compared to its average volume of 1,167,662. Nurix Therapeutics has a 1 year low of $8.18 and a 1 year high of $22.50. The stock has a fifty day simple moving average of $15.77 and a 200 day simple moving average of $15.22. The stock has a market cap of $1.68 billion, a P/E ratio of -5.33 and a beta of 1.97.

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). The firm had revenue of $6.25 million during the quarter, compared to analyst estimates of $14.25 million. Nurix Therapeutics had a negative net margin of 314.90% and a negative return on equity of 57.51%. As a group, analysts forecast that Nurix Therapeutics will post -2.99 earnings per share for the current year.

Insider Buying and Selling at Nurix Therapeutics

In other Nurix Therapeutics news, insider Gwenn Hansen sold 4,895 shares of the business's stock in a transaction on Friday, January 30th. The shares were sold at an average price of $16.60, for a total value of $81,257.00. Following the transaction, the insider owned 83,672 shares in the company, valued at $1,388,955.20. The trade was a 5.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Houte Hans Van sold 3,661 shares of the business's stock in a transaction on Friday, January 30th. The stock was sold at an average price of $16.60, for a total transaction of $60,772.60. Following the completion of the transaction, the chief financial officer owned 45,427 shares in the company, valued at $754,088.20. This represents a 7.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.70% of the company's stock.

Hedge Funds Weigh In On Nurix Therapeutics

A number of large investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Nurix Therapeutics by 11.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,804 shares of the company's stock valued at $593,000 after purchasing an additional 5,286 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Nurix Therapeutics by 106.2% during the first quarter. Millennium Management LLC now owns 874,399 shares of the company's stock valued at $10,388,000 after purchasing an additional 450,262 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Nurix Therapeutics by 9.5% during the first quarter. Goldman Sachs Group Inc. now owns 507,471 shares of the company's stock worth $6,029,000 after buying an additional 44,002 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Nurix Therapeutics by 8.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,530 shares of the company's stock valued at $1,895,000 after acquiring an additional 12,817 shares in the last quarter. Finally, Creative Planning bought a new position in shares of Nurix Therapeutics in the second quarter valued at approximately $187,000.

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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