Nurix Therapeutics (NASDAQ:NRIX) Reaches New 1-Year High After Analyst Upgrade

Key Points

• Nurix Therapeutics shares reached a new 52-week high after Royal Bank of Canada raised its price target from $33 to $36 and maintained an “outperform” rating. The stock traded as high as $26.04.
• Analyst sentiment remains broadly positive, with 13 Buy ratings, one Hold, and one Sell; the consensus rating is “Moderate Buy” with a $34.21 target price.
• The company continues to report significant financial losses: quarterly revenue of $9.04 million missed expectations, while adjusted earnings per share came in at a loss of $0.81 versus the expected $0.73 loss.

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from $33.00 to $36.00. Royal Bank Of Canada currently has an outperform rating on the stock. Nurix Therapeutics traded as high as $26.04 and last traded at $25.88, with a volume of 898904 shares changing hands. The stock had previously closed at $25.53.

A number of other equities research analysts have also issued reports on NRIX. Mizuho boosted their target price on Nurix Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Wells Fargo & Company lowered Nurix Therapeutics from an "overweight" rating to a "hold" rating and decreased their price target for the company from $28.00 to $25.00 in a research report on Monday, June 8th. HC Wainwright lifted their price target on Nurix Therapeutics from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Needham & Company LLC reissued a "buy" rating and issued a $34.00 price target on shares of Nurix Therapeutics in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded Nurix Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday. Thirteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Nurix Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.21.

Insider Buying and Selling at Nurix Therapeutics

In other news, insider Gwenn Hansen sold 4,356 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $25.00, for a total value of $108,900.00. Following the completion of the sale, the insider owned 117,227 shares of the company's stock, valued at $2,930,675. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Houte Hans Van sold 4,761 shares of Nurix Therapeutics stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $24.36, for a total value of $115,977.96. Following the transaction, the chief financial officer owned 40,166 shares in the company, valued at $978,443.76. This represents a 10.60% 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. Over the last three months, insiders have sold 25,314 shares of company stock worth $589,361. Company insiders own 6.70% of the company's stock.

Hedge Funds Weigh In On Nurix Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of NRIX. Larson Financial Group LLC increased its holdings in Nurix Therapeutics by 339.0% in the fourth quarter. Larson Financial Group LLC now owns 1,541 shares of the company's stock worth $29,000 after buying an additional 1,190 shares during the last quarter. California State Teachers Retirement System lifted its stake in Nurix Therapeutics by 2.2% in the fourth quarter. California State Teachers Retirement System now owns 68,019 shares of the company's stock valued at $1,290,000 after acquiring an additional 1,476 shares during the last quarter. Intesa Sanpaolo Wealth Management acquired a new stake in Nurix Therapeutics in the fourth quarter valued at approximately $31,000. Royal Bank of Canada grew its position in Nurix Therapeutics by 17.6% in the fourth quarter. Royal Bank of Canada now owns 10,842 shares of the company's stock worth $206,000 after acquiring an additional 1,623 shares in the last quarter. Finally, Arizona State Retirement System grew its position in Nurix Therapeutics by 8.2% in the fourth quarter. Arizona State Retirement System now owns 21,990 shares of the company's stock worth $417,000 after acquiring an additional 1,674 shares in the last quarter.

Nurix Therapeutics Stock Performance

The company's 50 day moving average price is $21.43 and its 200 day moving average price is $18.10. The company has a market cap of $2.69 billion, a price-to-earnings ratio of -7.50 and a beta of 1.79.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its quarterly earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share for the quarter, missing analysts' consensus estimates of ($0.73) by ($0.08). Nurix Therapeutics had a negative net margin of 928.44% and a negative return on equity of 76.09%. The business had revenue of $9.04 million for the quarter, compared to the consensus estimate of $15.29 million. On average, equities research analysts forecast that Nurix Therapeutics, Inc. will post -2.73 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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