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

Key Points

• Needham & Company LLC reiterated a Buy rating on Nurix with a $26 price target, implying roughly a 56% upside from the prior close.
• Analyst sentiment is broadly positive—one Strong Buy, 13 Buys and one Sell—giving a consensus rating of Moderate Buy and an average target of $30.46 (individual targets up to $36).
• The stock trades around $16.63 with a $1.72B market cap, but the company is unprofitable (quarterly EPS -$0.79 and revenue of $6.25M vs $14.25M est.); insiders trimmed holdings while institutions like General Atlantic and Morgan Stanley built large positions.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They currently have a $26.00 target price on the stock. Needham & Company LLC's price target would suggest a potential upside of 56.34% from the company's previous close.

A number of other brokerages have also recently commented on NRIX. 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. Morgan Stanley set a $36.00 price objective on shares of Nurix Therapeutics and gave the stock an "overweight" rating in a research note on Thursday, January 8th. Wells Fargo & Company dropped their price objective on shares of Nurix Therapeutics from $29.00 to $28.00 and set an "overweight" rating on the stock in a research note on Thursday, April 9th. HC Wainwright reaffirmed a "buy" rating and set a $32.00 price objective on shares of Nurix Therapeutics in a research note on Friday, April 10th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Nurix Therapeutics in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $30.46.

Nurix Therapeutics Price Performance

Shares of NASDAQ NRIX opened at $16.63 on Thursday. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -5.26 and a beta of 1.97. Nurix Therapeutics has a 12 month low of $8.19 and a 12 month high of $22.50. The firm's 50 day simple moving average is $15.71 and its 200-day simple moving average is $15.76.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued 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 for the quarter, compared to analyst estimates of $14.25 million. Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%. Analysts anticipate that Nurix Therapeutics will post -2.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nurix Therapeutics news, CFO Houte Hans Van sold 3,661 shares of the firm's stock in a transaction on Friday, January 30th. The stock was sold at an average price of $16.60, for a total value of $60,772.60. Following the transaction, the chief financial officer owned 45,427 shares in the company, valued at approximately $754,088.20. This trade represents a 7.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Gwenn Hansen sold 4,895 shares of the firm'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 completion of 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 disclosure for this sale is available in the SEC filing. Company insiders own 6.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NRIX. General Atlantic L.P. purchased a new position in Nurix Therapeutics in the 4th quarter valued at $92,899,000. Morgan Stanley lifted its holdings in Nurix Therapeutics by 115.9% in the 4th quarter. Morgan Stanley now owns 4,881,069 shares of the company's stock valued at $92,594,000 after purchasing an additional 2,620,323 shares in the last quarter. Rubric Capital Management LP purchased a new position in Nurix Therapeutics in the 4th quarter valued at $46,930,000. Braidwell LP purchased a new position in Nurix Therapeutics in the 4th quarter valued at $41,428,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Nurix Therapeutics by 195.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,248,361 shares of the company's stock valued at $61,622,000 after purchasing an additional 2,149,268 shares in the last quarter.

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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