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

Key Points

• Nurix Therapeutics, Inc. has received a consensus rating of "Moderate Buy" from 16 analysts, with an average target price of $29.07.
• Insider transactions included Gwenn Hansen and CFO Houte Hans Van selling shares, reducing their positions by 5.87% and 13.20% respectively.
• The company reported a $44.06 million revenue in its last quarterly earnings, far exceeding analyst expectations of $16.26 million.

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) have earned a consensus rating of "Moderate Buy" from the sixteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $29.0714.

A number of research analysts recently issued reports on the company. UBS Group reduced their price target on Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, July 10th. Wall Street Zen raised shares of Nurix Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Stephens reaffirmed an "overweight" rating and issued a $30.00 price target on shares of Nurix Therapeutics in a report on Thursday, July 10th. Oppenheimer reissued an "outperform" rating and set a $30.00 price objective (down from $32.00) on shares of Nurix Therapeutics in a report on Thursday, July 31st. Finally, Morgan Stanley set a $16.00 price objective on shares of Nurix Therapeutics and gave the company an "equal weight" rating in a research note on Tuesday, July 15th.

Nurix Therapeutics Price Performance

Shares of Nurix Therapeutics stock traded down $0.53 during trading hours on Thursday, reaching $8.44. The company had a trading volume of 1,826,566 shares, compared to its average volume of 891,203. Nurix Therapeutics has a one year low of $8.18 and a one year high of $29.56. The business has a fifty day simple moving average of $10.26 and a 200 day simple moving average of $10.99. The firm has a market cap of $645.24 million, a PE ratio of -3.23 and a beta of 2.10.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 9th. The company reported ($0.52) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.79) by $0.27. The company had revenue of $44.06 million for the quarter, compared to the consensus estimate of $16.26 million. Nurix Therapeutics had a negative return on equity of 45.26% and a negative net margin of 234.57%. On average, research analysts forecast that Nurix Therapeutics will post -2.99 EPS for the current year.

Insider Buying and Selling at Nurix Therapeutics

In other news, insider Gwenn Hansen sold 4,308 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $12.01, for a total value of $51,739.08. Following the completion of the transaction, the insider directly owned 69,023 shares in the company, valued at approximately $828,966.23. This represents a 5.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Houte Hans Van sold 5,402 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $11.03, for a total transaction of $59,584.06. Following the completion of the sale, the chief financial officer directly owned 35,512 shares in the company, valued at $391,697.36. This represents a 13.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,014 shares of company stock worth $163,014 over the last three months. 7.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Several large investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. acquired a new position in Nurix Therapeutics during the fourth quarter valued at approximately $28,000. Tower Research Capital LLC TRC lifted its stake in Nurix Therapeutics by 118.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company's stock valued at $73,000 after acquiring an additional 3,475 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Nurix Therapeutics by 38.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 9,145 shares of the company's stock worth $109,000 after purchasing an additional 2,562 shares in the last quarter. Velan Capital Investment Management LP bought a new stake in shares of Nurix Therapeutics during the 2nd quarter worth approximately $114,000. Finally, E Fund Management Co. Ltd. bought a new stake in Nurix Therapeutics in the 1st quarter valued at $122,000.

About Nurix Therapeutics

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.