Nurix Therapeutics (NASDAQ:NRIX) Receives Buy Rating from HC Wainwright

Key Points

• HC Wainwright reiterated a Buy rating on Nurix with a $32 price target (about a 91.9% upside), and the stock carries a MarketBeat consensus of "Moderate Buy" with a consensus target near $30.46.
• Recent results missed expectations: Nurix reported Q EPS of ($0.79) vs. ($0.76) expected and revenue of $6.25M vs. $14.25M expected, with deeply negative margins and return on equity.
• Institutional interest rose as General Atlantic, Morgan Stanley and Price T. Rowe added large positions in Q4, even as insiders (including the CFO) sold shares, leaving insiders with roughly 6.7% ownership.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at HC Wainwright in a report issued on Monday,Benzinga reports. They currently have a $32.00 price objective on the stock. HC Wainwright's price target indicates a potential upside of 91.85% from the stock's previous close.

Several other brokerages also recently weighed in on NRIX. Piper Sandler increased their target price on Nurix Therapeutics from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Thursday, January 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Nurix Therapeutics in a research note on Tuesday, April 21st. Royal Bank Of Canada increased their target price on Nurix Therapeutics from $28.00 to $30.00 and gave the company an "outperform" rating in a research note on Thursday, January 29th. BTIG Research restated a "buy" rating and set a $30.00 target price on shares of Nurix Therapeutics in a research note on Thursday, January 29th. Finally, Morgan Stanley set a $36.00 target price on Nurix Therapeutics and gave the company an "overweight" rating in a research note on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $30.46.

Nurix Therapeutics Stock Performance

Shares of NASDAQ NRIX opened at $16.68 on Monday. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -5.28 and a beta of 1.97. The business's 50-day simple moving average is $15.75 and its 200-day simple moving average is $15.89. Nurix Therapeutics has a 52 week low of $8.19 and a 52 week high of $22.50.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its quarterly earnings data on Wednesday, April 8th. The company reported ($0.79) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.03). The company had revenue of $6.25 million for the quarter, compared to analyst estimates of $14.25 million. Nurix Therapeutics had a negative net margin of 411.37% and a negative return on equity of 64.21%. As a group, equities research analysts forecast that Nurix Therapeutics will post -2.92 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Houte Hans Van sold 3,661 shares of the stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $16.60, for a total value of $60,772.60. Following the completion of the transaction, the chief financial officer directly owned 45,427 shares of the company's stock, valued at approximately $754,088.20. This represents a 7.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Gwenn Hansen sold 4,895 shares of the stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $16.60, for a total value of $81,257.00. Following the completion of the transaction, the insider directly owned 83,672 shares of the company's stock, valued at approximately $1,388,955.20. The trade was a 5.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 6.70% of the company's stock.

Institutional Investors Weigh In On Nurix Therapeutics

A number of hedge funds have recently made changes to their positions in the company. General Atlantic L.P. acquired a new stake in shares of Nurix Therapeutics during the 4th quarter worth about $92,899,000. Morgan Stanley increased its holdings in Nurix Therapeutics by 115.9% during the 4th quarter. Morgan Stanley now owns 4,881,069 shares of the company's stock valued at $92,594,000 after purchasing an additional 2,620,323 shares in the last quarter. Rubric Capital Management LP acquired a new stake in Nurix Therapeutics during the 4th quarter valued at $46,930,000. Braidwell LP acquired a new stake in Nurix Therapeutics during the 4th quarter valued at $41,428,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Nurix Therapeutics by 195.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,248,361 shares of the company's stock valued at $61,622,000 after purchasing an additional 2,149,268 shares in the last quarter.

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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