Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Up Following Better-Than-Expected Earnings

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) shares gapped up prior to trading 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 traded.

The company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.79) by $0.27. Nurix Therapeutics had a negative return on equity of 44.91% and a negative net margin of 234.57%. The business had revenue of $44,056 billion for the quarter, compared to the consensus estimate of $16.26 million.

Wall Street Analyst Weigh In

NRIX has been the topic of a number of recent research reports. Wells Fargo & Company cut their price target on shares of Nurix Therapeutics from $32.00 to $25.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. UBS Group dropped their price objective on shares of Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating on the stock in a 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 note on Wednesday, April 9th. Stephens restated an "overweight" rating and set a $30.00 target price on shares of Nurix Therapeutics in a research report on Thursday. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $36.00 price target on shares of Nurix Therapeutics in a report on Wednesday, April 2nd. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $29.59.

Insider Activity

In related 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 value of $70,223.34. Following the completion of the sale, the chief financial officer owned 33,724 shares of the company's stock, valued at approximately $382,092.92. The trade was a 15.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gwenn Hansen sold 3,377 shares of the company's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $11.50, for a total transaction of $38,835.50. Following the transaction, the insider 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. In the last 90 days, insiders sold 12,013 shares of company stock valued at $137,096. 7.40% of the stock is owned by company insiders.

Institutional Trading of Nurix Therapeutics

Institutional investors have recently modified their holdings of the stock. FMR LLC increased its stake in Nurix Therapeutics by 1,711.9% during the 4th quarter. FMR LLC now owns 10,634,231 shares of the company's stock worth $200,349,000 after buying an additional 10,047,329 shares in the last quarter. RA Capital Management L.P. acquired a new stake in shares of Nurix Therapeutics in the fourth quarter worth approximately $25,120,000. Soleus Capital Management L.P. increased its position in shares of Nurix Therapeutics by 97.3% during the fourth quarter. Soleus Capital Management L.P. now owns 2,102,833 shares of the company's stock worth $39,617,000 after purchasing an additional 1,036,999 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Nurix Therapeutics in the 4th quarter valued at $16,447,000. Finally, Vestal Point Capital LP lifted its holdings in Nurix Therapeutics by 132.1% in the 1st quarter. Vestal Point Capital LP now owns 1,125,552 shares of the company's stock valued at $13,372,000 after purchasing an additional 640,552 shares in the last quarter.

Nurix Therapeutics Trading Down 0.8%

The business has a fifty day simple moving average of $11.22 and a two-hundred day simple moving average of $13.89. The company has a market cap of $958.11 million, a PE ratio of -4.81 and a beta of 2.15.

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.