Nurix Therapeutics (NASDAQ:NRIX) Receives "Buy" Rating from Needham & Company LLC

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report)'s stock had its "buy" rating restated by research analysts at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $27.00 price objective on the stock. Needham & Company LLC's target price suggests a potential upside of 131.76% from the stock's previous close.

Several other research analysts have also issued reports on the stock. Wells Fargo & Company reduced their target price on shares of Nurix Therapeutics from $32.00 to $25.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. HC Wainwright reissued a "buy" rating and issued a $36.00 price target on shares of Nurix Therapeutics in a research note on Wednesday, April 2nd. Stephens reaffirmed an "overweight" rating and set a $31.00 price objective on shares of Nurix Therapeutics in a research note on Tuesday, January 21st. JPMorgan Chase & Co. lowered their price target on Nurix Therapeutics from $31.00 to $30.00 and set an "overweight" rating for the company in a research note on Wednesday, January 29th. Finally, Leerink Partners began coverage on Nurix Therapeutics in a report on Monday, March 17th. They set a "market perform" rating and a $16.00 target price on the stock. Three analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Nurix Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $30.44.

Nurix Therapeutics Stock Up 1.6 %

NRIX traded up $0.18 during midday trading on Tuesday, reaching $11.65. 246,634 shares of the company's stock were exchanged, compared to its average volume of 903,349. Nurix Therapeutics has a one year low of $8.18 and a one year high of $29.56. The firm has a market capitalization of $888.15 million, a price-to-earnings ratio of -4.03 and a beta of 2.23. The business has a 50-day simple moving average of $12.47 and a two-hundred day simple moving average of $18.27.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its quarterly earnings results on Tuesday, April 8th. The company reported ($0.67) EPS for the quarter, beating analysts' consensus estimates of ($0.72) by $0.05. Nurix Therapeutics had a negative net margin of 354.85% and a negative return on equity of 53.65%. The firm had revenue of $18.45 million for the quarter, compared to analyst estimates of $12.78 million. During the same period in the previous year, the business earned ($0.76) earnings per share. As a group, research analysts anticipate that Nurix Therapeutics will post -2.99 EPS for the current fiscal year.

Insider Activity at Nurix Therapeutics

In related news, insider Gwenn Hansen sold 3,690 shares of Nurix Therapeutics stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $19.85, for a total transaction of $73,246.50. Following the completion of the transaction, the insider now owns 55,937 shares in the company, valued at approximately $1,110,349.45. This trade represents a 6.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Houte Hans Van sold 2,811 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $19.85, for a total value of $55,798.35. Following the completion of the sale, the chief financial officer now owns 39,549 shares in the company, valued at $785,047.65. This represents a 6.64 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,326 shares of company stock valued at $213,449. 7.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NRIX. Bank of New York Mellon Corp increased its position in Nurix Therapeutics by 7.4% during the first quarter. Bank of New York Mellon Corp now owns 205,078 shares of the company's stock worth $2,436,000 after acquiring an additional 14,173 shares during the period. Exchange Traded Concepts LLC lifted its stake in shares of Nurix Therapeutics by 38.9% in the first quarter. Exchange Traded Concepts LLC now owns 9,145 shares of the company's stock worth $109,000 after acquiring an additional 2,562 shares during the period. Rhumbline Advisers lifted its position in shares of Nurix Therapeutics by 7.0% in the 1st quarter. Rhumbline Advisers now owns 110,488 shares of the company's stock worth $1,313,000 after purchasing an additional 7,255 shares during the period. GAMMA Investing LLC lifted its holdings in Nurix Therapeutics by 202.2% in the first quarter. GAMMA Investing LLC now owns 14,018 shares of the company's stock valued at $167,000 after buying an additional 9,380 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of Nurix Therapeutics by 3.0% during the 4th quarter. Wellington Management Group LLP now owns 3,586,605 shares of the company's stock valued at $67,572,000 after purchasing an additional 104,500 shares in the last quarter.

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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