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

Key Points

• Needham & Company LLC reiterated its Buy rating on Nurix Therapeutics and set a $34 price target, implying about 100.6% upside from the current share price.
• Recent analyst sentiment remains mostly positive, with multiple firms raising targets or maintaining Buy ratings; the stock’s consensus rating is Moderate Buy with an average target of $32.14.
• Nurix’s latest results showed continued losses, as it reported EPS of -$0.79 versus estimates of -$0.76 and revenue of $6.25 million, while insiders also sold shares in recent months.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Needham & Company LLC in a research report issued on Monday,Benzinga reports. They presently have a $34.00 target price on the stock. Needham & Company LLC's price objective would indicate a potential upside of 100.59% from the company's current price.

Other equities analysts have also recently issued reports about the company. Truist Financial boosted their price target on Nurix Therapeutics from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Monday, June 8th. BTIG Research lifted their price objective on Nurix Therapeutics from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Tuesday, June 9th. HC Wainwright reaffirmed a "buy" rating and issued a $32.00 price objective on shares of Nurix Therapeutics in a research report on Wednesday, June 10th. Wells Fargo & Company downgraded Nurix Therapeutics from an "overweight" rating to a "hold" rating and lowered their price objective for the company from $28.00 to $25.00 in a research report on Monday, June 8th. Finally, Jefferies Financial Group lifted their price objective on Nurix Therapeutics from $41.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.14.

Nurix Therapeutics Price Performance

NASDAQ NRIX opened at $16.95 on Monday. Nurix Therapeutics has a fifty-two week low of $8.19 and a fifty-two week high of $22.50. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -5.36 and a beta of 1.86. The business has a fifty day moving average of $16.42 and a 200-day moving average of $16.91.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its quarterly earnings results on Wednesday, April 8th. The company reported ($0.79) earnings per share for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.03). Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%.The company had revenue of $6.25 million during the quarter, compared to analyst estimates of $14.25 million. As a group, analysts anticipate that Nurix Therapeutics will post -2.88 EPS for the current year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 14,055 shares of the business's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $16.60, for a total transaction of $233,313.00. Following the completion of the sale, the chief financial officer owned 37,592 shares of the company's stock, valued at approximately $624,027.20. The trade was a 27.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 3,214 shares of the business's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $16.65, for a total value of $53,513.10. Following the sale, the insider directly owned 120,399 shares of the company's stock, valued at approximately $2,004,643.35. This trade represents a 2.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 19,657 shares of company stock valued at $326,586. 6.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nurix Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Nurix Therapeutics by 32.5% during the fourth quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company's stock valued at $112,862,000 after acquiring an additional 1,460,736 shares during the period. Handelsbanken Fonder AB boosted its position in shares of Nurix Therapeutics by 85.7% in the third quarter. Handelsbanken Fonder AB now owns 520,000 shares of the company's stock worth $4,805,000 after buying an additional 240,000 shares during the period. Pictet Asset Management Holding SA boosted its position in shares of Nurix Therapeutics by 75.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,467,600 shares of the company's stock worth $65,780,000 after buying an additional 1,487,060 shares during the period. Cinctive Capital Management LP boosted its position in shares of Nurix Therapeutics by 64.5% in the third quarter. Cinctive Capital Management LP now owns 191,015 shares of the company's stock worth $1,765,000 after buying an additional 74,882 shares during the period. Finally, Rhenman & Partners Asset Management AB boosted its position in shares of Nurix Therapeutics by 87.8% in the third quarter. Rhenman & Partners Asset Management AB now owns 347,500 shares of the company's stock worth $3,211,000 after buying an additional 162,500 shares during the period.

About Nurix Therapeutics

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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