Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Up Following Earnings Beat

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report)'s stock price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $13.18, but opened at $14.48. Nurix Therapeutics shares last traded at $12.16, with a volume of 1,930,421 shares trading hands.

The company reported ($0.52) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.27. Nurix Therapeutics had a negative net margin of 234.57% and a negative return on equity of 45.26%. The company had revenue of $44,056 billion for the quarter, compared to analysts' expectations of $16.26 million.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Oppenheimer cut their price objective on shares of Nurix Therapeutics from $32.00 to $30.00 and set an "outperform" rating on the stock in a research report on Thursday. Stifel Nicolaus cut their price objective on shares of Nurix Therapeutics from $36.00 to $35.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Wall Street Zen upgraded shares of Nurix Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Leerink Partners assumed coverage on shares of Nurix Therapeutics in a research report on Monday, March 17th. They set a "market perform" rating and a $16.00 price objective on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and set a $27.00 price objective on shares of Nurix Therapeutics in a research report on Tuesday, April 29th. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $29.59.

Insiders Place Their Bets

In other news, CFO Houte Hans Van sold 6,198 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $11.33, for a total transaction of $70,223.34. Following the completion of the sale, the chief financial officer directly owned 33,724 shares of the company's stock, valued at approximately $382,092.92. The trade was a 15.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gwenn Hansen sold 3,377 shares of the business's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $11.50, for a total transaction of $38,835.50. Following the sale, the insider directly owned 61,516 shares of the company's stock, valued at $707,434. This represents a 5.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,013 shares of company stock valued at $137,096 over the last three months. Insiders own 7.40% of the company's stock.

Institutional Trading of Nurix Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE lifted its stake in Nurix Therapeutics by 144.7% in the fourth quarter. US Bancorp DE now owns 1,424 shares of the company's stock worth $27,000 after acquiring an additional 842 shares during the period. GF Fund Management CO. LTD. purchased a new stake in Nurix Therapeutics in the fourth quarter worth about $28,000. Aquatic Capital Management LLC purchased a new stake in Nurix Therapeutics in the fourth quarter worth about $87,000. Exchange Traded Concepts LLC lifted its stake in 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. Finally, E Fund Management Co. Ltd. purchased a new stake in Nurix Therapeutics in the first quarter worth about $122,000.

Nurix Therapeutics Stock Down 1.8%

The stock's 50 day moving average is $11.24 and its two-hundred day moving average is $13.76. The company has a market capitalization of $951.04 million, a PE ratio of -4.77 and a beta of 2.15.

About Nurix Therapeutics

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.