Nurix Therapeutics (NASDAQ:NRIX) Reaches New 12-Month High - Should You Buy?

Key Points

• Nurix Therapeutics reached a new 52-week high of $27.50, while its shares traded well above their 50-day and 200-day moving averages. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $34.21.
• The company’s latest quarterly results fell short of expectations, with an EPS loss of $0.81 versus the $0.73 consensus estimate and revenue of $9.04 million versus $15.29 million expected. Nurix remains unprofitable, with a negative net margin of 928.44%.
• Insiders sold 25,314 shares worth $589,361 during the last quarter, although several institutional investors—including Vanguard and Baker Bros. Advisors—expanded their positions.

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $27.50 and last traded at $27.4350, with a volume of 147733 shares trading hands. The stock had previously closed at $26.93.

Analyst Ratings Changes

NRIX has been the topic of several research reports. Wall Street Zen raised Nurix Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. BTIG Research reaffirmed a "buy" rating and issued a $32.00 target price on shares of Nurix Therapeutics in a research report on Friday, July 10th. Wells Fargo & Company lowered shares of Nurix Therapeutics from an "overweight" rating to a "hold" rating and cut their price target for the stock from $28.00 to $25.00 in a research note on Monday, June 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of Nurix Therapeutics in a research report on Friday, July 17th. Finally, Mizuho raised their price objective on shares of Nurix Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research note on Monday, July 13th. Thirteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $34.21.

Nurix Therapeutics Price Performance

The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of -7.92 and a beta of 1.79. The firm has a 50 day moving average price of $22.79 and a 200-day moving average price of $18.44.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share (EPS) 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 company had revenue of $9.04 million during the quarter, compared to analysts' expectations of $15.29 million. Equities research analysts predict that Nurix Therapeutics, Inc. will post -2.73 earnings per share for the current year.

Insider Activity

In related news, insider Gwenn Hansen sold 5,394 shares of the firm's stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $20.00, for a total value of $107,880.00. Following the sale, the insider owned 115,005 shares of the company's stock, valued at $2,300,100. This trade represents a 4.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 that occurred on Tuesday, August 4th. The stock was sold at an average price of $24.36, for a total transaction of $115,977.96. Following the completion of the transaction, the chief financial officer owned 40,166 shares of the company's stock, valued at $978,443.76. This represents a 10.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,314 shares of company stock valued at $589,361 in the last quarter. Company insiders own 6.70% of the company's stock.

Institutional Investors Weigh In On Nurix Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. General Atlantic L.P. acquired a new stake in shares of Nurix Therapeutics during the 4th quarter worth about $92,899,000. Vanguard Group Inc. boosted its holdings in Nurix Therapeutics by 32.5% in the fourth quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company's stock valued at $112,862,000 after purchasing an additional 1,460,736 shares in the last quarter. Baker BROS. Advisors LP increased its stake in Nurix Therapeutics by 20.0% in the fourth quarter. Baker BROS. Advisors LP now owns 4,658,556 shares of the company's stock valued at $88,373,000 after purchasing an additional 776,431 shares during the last quarter. Flax Pond Capital LLC purchased a new position in Nurix Therapeutics in the fourth quarter valued at approximately $1,521,000. Finally, Stempoint Capital LP purchased a new position in Nurix Therapeutics in the first quarter valued at approximately $4,886,000.

Nurix Therapeutics Company Profile

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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