Nurix Therapeutics, Inc. (NASDAQ:NRIX) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Nurix Therapeutics has an average analyst rating of “Moderate Buy”, with 14 of 16 analysts recommending the stock and a consensus 12-month price target of $32.20.
• Recent analyst actions were mixed: Truist, Jefferies, and Needham reiterated bullish views and raised targets, while Wells Fargo downgraded the stock to hold and lowered its price target to $25.
• The company recently reported a Q1 earnings miss, posting EPS of -$0.79 versus expectations of -$0.76 and revenue of $6.25 million versus $14.25 million expected, while insiders and hedge funds have continued to adjust their holdings.

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) have received an average recommendation of "Moderate Buy" from the sixteen analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and fourteen have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $32.20.

Several equities analysts have weighed in on NRIX shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nurix Therapeutics in a report on Tuesday, April 21st. Truist Financial lifted their price target on shares of Nurix Therapeutics from $30.00 to $32.00 and gave the company a "buy" rating in a report on Monday, June 8th. Jefferies Financial Group lifted their price target on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the company a "buy" rating in a report on Monday, June 8th. Wells Fargo & Company downgraded shares of Nurix Therapeutics from an "overweight" rating to a "hold" rating and lowered their price target for the company from $28.00 to $25.00 in a report on Monday, June 8th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $34.00 price target on shares of Nurix Therapeutics in a report on Monday, June 15th.

Insider Activity at Nurix Therapeutics

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

Hedge Funds Weigh In On Nurix Therapeutics

Several hedge funds have recently modified their holdings of the stock. Perceptive Advisors LLC lifted its holdings in shares of Nurix Therapeutics by 4.4% in the first 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 in the last quarter. Bank of America Corp DE lifted its holdings in shares of Nurix Therapeutics by 8.9% in the first quarter. Bank of America Corp DE now owns 802,153 shares of the company's stock worth $12,433,000 after buying an additional 65,595 shares in the last quarter. Stempoint Capital LP purchased a new position in shares of Nurix Therapeutics in the first quarter worth $4,886,000. California State Teachers Retirement System lifted its holdings 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 buying an additional 31,023 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Nurix Therapeutics by 4.0% in the first quarter. The Manufacturers Life Insurance Company now owns 179,177 shares of the company's stock worth $2,777,000 after buying an additional 6,813 shares in the last quarter.

Nurix Therapeutics Stock Performance

NRIX opened at $17.55 on Friday. The company has a market cap of $1.81 billion, a price-to-earnings ratio of -5.55 and a beta of 1.86. The company's 50 day moving average is $16.57 and its 200 day moving average is $16.92. Nurix Therapeutics has a 12-month low of $8.19 and a 12-month high of $22.50.

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

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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