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

Key Points

• Nurix Therapeutics has received a "buy" rating from Needham & Company LLC, with a price target of $27.00, suggesting a potential upside of 174.39% from its current price.
• The company reported a quarterly EPS of ($1.03), which was below the consensus estimate of ($0.84), along with revenue of $7.89 million, missing expectations of $16.06 million.
• Despite mixed analyst ratings, with a consensus rating of "Moderate Buy," one equities research analyst has rated the stock as a Strong Buy, indicating confidence in Nurix Therapeutics' future potential.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report)'s stock had its "buy" rating restated by analysts at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They currently have a $27.00 price objective on the stock. Needham & Company LLC's price objective would indicate a potential upside of 174.39% from the stock's current price.

Several other analysts have also recently commented on the company. Morgan Stanley dropped their price target on Nurix Therapeutics from $16.00 to $15.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 14th. Wells Fargo & Company set a $22.00 target price on Nurix Therapeutics in a report on Monday, October 13th. HC Wainwright restated a "buy" rating and issued a $33.00 target price on shares of Nurix Therapeutics in a report on Monday. Piper Sandler dropped their target price on Nurix Therapeutics from $35.00 to $32.00 and set an "overweight" rating for the company in a report on Friday, October 10th. Finally, Wall Street Zen cut Nurix Therapeutics from a "hold" rating to a "strong sell" rating in a report on Saturday, October 11th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $27.79.

Nurix Therapeutics Stock Performance

Shares of NRIX opened at $9.84 on Monday. Nurix Therapeutics has a one year low of $8.18 and a one year high of $29.56. The stock has a market capitalization of $756.50 million, a price-to-earnings ratio of -3.31 and a beta of 2.33. The stock has a 50 day moving average price of $9.46 and a 200 day moving average price of $10.50.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its quarterly earnings results on Thursday, October 9th. The company reported ($1.03) EPS for the quarter, missing the consensus estimate 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 analysts' expectations of $16.06 million. On average, analysts predict that Nurix Therapeutics will post -2.99 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Gwenn Hansen sold 4,308 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $12.01, for a total transaction of $51,739.08. Following the completion of the transaction, the insider directly owned 69,023 shares in the company, valued at approximately $828,966.23. This represents a 5.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Houte Hans Van sold 5,402 shares of the 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 directly owned 35,512 shares in the company, valued at approximately $391,697.36. The trade was a 13.20% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,014 shares of company stock valued at $163,014. Company insiders own 7.40% of the company's stock.

Institutional Investors Weigh In On Nurix Therapeutics

Hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System raised its holdings in shares of Nurix Therapeutics by 8.7% during the first quarter. Arizona State Retirement System now owns 17,253 shares of the company's stock worth $205,000 after acquiring an additional 1,385 shares in the last quarter. Jump Financial LLC increased its position in Nurix Therapeutics by 1.9% during the first quarter. Jump Financial LLC now owns 76,060 shares of the company's stock worth $904,000 after buying an additional 1,441 shares during the last quarter. Corebridge Financial Inc. increased its position in Nurix Therapeutics by 5.6% during the first quarter. Corebridge Financial Inc. now owns 36,849 shares of the company's stock worth $438,000 after buying an additional 1,942 shares during the last quarter. Teacher Retirement System of Texas increased its position in Nurix Therapeutics by 13.9% during the second quarter. Teacher Retirement System of Texas now owns 18,404 shares of the company's stock worth $210,000 after buying an additional 2,248 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Nurix Therapeutics by 13.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,829 shares of the company's stock worth $224,000 after buying an additional 2,260 shares during 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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