Nurix Therapeutics (NASDAQ:NRIX) Now Covered by Analysts at Mizuho

Key Points

• Mizuho has initiated coverage on Nurix Therapeutics, setting an "outperform" rating with a price target of $24.00, indicating a potential upside of 130.99% from its previous close.
• Despite Mizuho's optimistic outlook, other firms like Morgan Stanley and UBS have adjusted their target prices downward, reflecting mixed sentiments among analysts.
• Nurix recently reported earnings with a loss of ($1.03) per share, missing estimates and revealing a significant drop in revenue compared to projections.

Mizuho initiated coverage on shares of Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm set an "outperform" rating and a $24.00 price target on the stock. Mizuho's price target points to a potential upside of 130.99% from the company's previous close.

A number of other research firms also recently weighed in on NRIX. Morgan Stanley dropped their target price on Nurix Therapeutics from $16.00 to $15.00 and set an "equal weight" rating for the company in a report on Tuesday, October 14th. Needham & Company LLC reissued a "buy" rating and set a $27.00 target price on shares of Nurix Therapeutics in a report on Monday. Stifel Nicolaus set a $33.00 target price on Nurix Therapeutics in a report on Friday, October 10th. UBS Group dropped their target price on Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating for the company in a report on Thursday, July 10th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nurix Therapeutics in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $27.53.

Nurix Therapeutics Price Performance

Shares of Nurix Therapeutics stock opened at $10.39 on Tuesday. The business has a fifty day simple moving average of $9.47 and a two-hundred day simple moving average of $10.51. Nurix Therapeutics has a 1 year low of $8.18 and a 1 year high of $29.56. The company has a market capitalization of $798.78 million, a price-to-earnings ratio of -3.50 and a beta of 2.33.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last posted its earnings results on Thursday, October 9th. The company reported ($1.03) earnings per share for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.19). Nurix Therapeutics had a negative return on equity of 53.57% and a negative net margin of 292.50%.The firm had revenue of $7.89 million for the quarter, compared to analyst estimates of $16.06 million. As a group, equities analysts anticipate that Nurix Therapeutics will post -2.99 earnings per share for the current fiscal year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 5,402 shares of Nurix Therapeutics stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $11.03, for a total value of $59,584.06. Following the transaction, the chief financial officer owned 35,512 shares in the company, valued at $391,697.36. The trade was a 13.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Gwenn Hansen sold 4,308 shares of Nurix Therapeutics stock in a transaction dated 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 owned 69,023 shares in the company, valued at approximately $828,966.23. This represents a 5.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,014 shares of company stock worth $163,014. Company insiders own 7.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NRIX. Exchange Traded Concepts LLC grew its position in Nurix Therapeutics by 38.9% in the first quarter. Exchange Traded Concepts LLC now owns 9,145 shares of the company's stock valued at $109,000 after acquiring an additional 2,562 shares during the last quarter. Bank of New York Mellon Corp grew its position in Nurix Therapeutics by 7.4% in the first quarter. Bank of New York Mellon Corp now owns 205,078 shares of the company's stock valued at $2,436,000 after acquiring an additional 14,173 shares during the last quarter. Arizona State Retirement System grew its position in Nurix Therapeutics by 8.7% in the first quarter. Arizona State Retirement System now owns 17,253 shares of the company's stock valued at $205,000 after acquiring an additional 1,385 shares during the last quarter. New York State Common Retirement Fund grew its position in Nurix Therapeutics by 148.6% in the first quarter. New York State Common Retirement Fund now owns 52,688 shares of the company's stock valued at $626,000 after acquiring an additional 31,493 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. bought a new stake in shares of Nurix Therapeutics during the first quarter worth about $499,000.

Nurix Therapeutics Company Profile

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.

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