Nurix Therapeutics (NASDAQ:NRIX) Hits New 1-Year High - What's Next?

Key Points

• Nurix Therapeutics shares hit a new 52-week high, trading as high as $24.97 and closing near that level after a recent rally.
• Wall Street sentiment is mostly positive, with 14 Buy ratings out of 16 analyst opinions and a consensus price target of $32.20, though Weiss Ratings still has a sell rating on the stock.
• The company’s latest earnings showed ongoing losses and weaker-than-expected revenue, with EPS of -$0.79 versus estimates of -$0.76 and revenue of $6.25 million versus $14.25 million expected.

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) reached a new 52-week high during trading on Thursday . The stock traded as high as $24.97 and last traded at $24.8810, with a volume of 114976 shares changing hands. The stock had previously closed at $24.31.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Nurix Therapeutics in a report on Tuesday, April 21st. Needham & Company LLC reissued a "buy" rating and set a $34.00 target price on shares of Nurix Therapeutics in a research report on Monday, June 15th. Jefferies Financial Group increased their target price on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the company a "buy" rating in a research report on Monday, June 8th. Truist Financial lifted their price target on shares of Nurix Therapeutics from $30.00 to $32.00 and gave the stock a "buy" rating in a report on Monday, June 8th. Finally, Oppenheimer initiated coverage on shares of Nurix Therapeutics in a report on Monday, June 29th. They issued an "outperform" rating and a $28.00 price target on the stock. Fourteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Nurix Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.20.

Nurix Therapeutics Price Performance

The stock's fifty day simple moving average is $18.16 and its 200-day simple moving average is $17.29. The firm has a market cap of $2.55 billion, a PE ratio of -7.79 and a beta of 1.80.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its earnings results 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). Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%.The firm had revenue of $6.25 million during the quarter, compared to analysts' expectations of $14.25 million. Analysts expect that Nurix Therapeutics, Inc. will post -2.88 earnings per share for the current year.

Insider Buying and Selling at Nurix Therapeutics

In related news, CFO Houte Hans Van sold 14,055 shares of the firm's stock in a transaction 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 completion of the transaction, the chief financial officer owned 37,592 shares of the company's stock, valued at $624,027.20. This trade represents a 27.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 5,394 shares of the company's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $20.00, for a total transaction of $107,880.00. Following the completion of the sale, the insider directly owned 115,005 shares in the company, valued at approximately $2,300,100. The trade was a 4.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,051 shares of company stock worth $434,466 over the last ninety days. Insiders own 6.70% of the company's stock.

Hedge Funds Weigh In On Nurix Therapeutics

Hedge funds have recently bought and sold shares of the business. Larson Financial Group LLC raised its position in shares of Nurix Therapeutics by 339.0% during the 4th quarter. Larson Financial Group LLC now owns 1,541 shares of the company's stock worth $29,000 after purchasing an additional 1,190 shares during the last quarter. Intesa Sanpaolo Wealth Management acquired a new position in shares of Nurix Therapeutics during the fourth quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nurix Therapeutics in the fourth quarter valued at approximately $33,000. KBC Group NV acquired a new stake in shares of Nurix Therapeutics in the first quarter worth approximately $34,000. Finally, Wexford Capital LP purchased a new stake in shares of Nurix Therapeutics during the third quarter worth approximately $41,000.

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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