Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Up - Should You Buy?

Key Points

• Nurix Therapeutics stock opened at $11.69 after previously closing at $10.42, with a last trading price of $11.03 and a volume of 978,670 shares.
• Analysts have mixed ratings, with an average target price of $27.53; ratings include one Strong Buy, thirteen Buy, three Hold, and one Sell.
• The company reported a quarterly loss of ($1.03) EPS, missing expectations, with revenue of $7.89 million versus a consensus estimate of $16.06 million.

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $10.42, but opened at $11.69. Nurix Therapeutics shares last traded at $11.03, with a volume of 978,670 shares.

Analyst Ratings Changes

Several research firms have commented on NRIX. Oppenheimer dropped their price objective on shares of Nurix Therapeutics from $30.00 to $28.00 and set an "outperform" rating on the stock in a report on Friday, October 10th. UBS Group lowered their price target on shares of Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, July 10th. Wells Fargo & Company set a $22.00 price target on shares of Nurix Therapeutics in a report on Monday, October 13th. Needham & Company LLC reissued a "buy" rating and issued a $27.00 price target on shares of Nurix Therapeutics in a report on Monday. Finally, Stephens reissued an "overweight" rating and issued a $30.00 price target on shares of Nurix Therapeutics in a report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $27.53.

Nurix Therapeutics Trading Down 0.3%

The stock has a market capitalization of $798.81 million, a P/E ratio of -3.50 and a beta of 2.33. The stock's fifty day moving average price is $9.48 and its two-hundred day moving average price is $10.51.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its quarterly earnings data on Thursday, October 9th. The company reported ($1.03) earnings per share for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.19). The business had revenue of $7.89 million during the quarter, compared to the consensus estimate of $16.06 million. Nurix Therapeutics had a negative return on equity of 53.57% and a negative net margin of 292.50%. As a group, analysts expect that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current fiscal year.

Insider Activity at Nurix Therapeutics

In related news, CFO Houte Hans Van sold 5,402 shares of Nurix Therapeutics stock in a transaction on Friday, August 1st. The shares were sold at an average price of $11.03, for a total value of $59,584.06. Following the sale, the chief financial officer owned 35,512 shares in the company, valued at $391,697.36. The trade was a 13.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Gwenn Hansen sold 4,308 shares of Nurix Therapeutics stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $12.01, for a total transaction of $51,739.08. Following the completion of the sale, the insider owned 69,023 shares in the company, valued at approximately $828,966.23. This trade represents a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,014 shares of company stock worth $163,014 in the last 90 days. Company insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On Nurix Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Nurix Therapeutics by 1.6% during the first quarter. Vanguard Group Inc. now owns 4,415,122 shares of the company's stock valued at $52,452,000 after buying an additional 69,856 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of Nurix Therapeutics by 2.0% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,428,283 shares of the company's stock worth $28,849,000 after purchasing an additional 47,855 shares during the last quarter. Vestal Point Capital LP raised its position in shares of Nurix Therapeutics by 77.7% in the 2nd quarter. Vestal Point Capital LP now owns 2,000,000 shares of the company's stock worth $22,780,000 after purchasing an additional 874,448 shares during the last quarter. Geode Capital Management LLC raised its position in Nurix Therapeutics by 9.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,881,960 shares of the company's stock worth $21,437,000 after buying an additional 157,592 shares during the last quarter. Finally, ARK Investment Management LLC raised its position in Nurix Therapeutics by 4.0% in the 1st quarter. ARK Investment Management LLC now owns 1,590,910 shares of the company's stock worth $18,900,000 after buying an additional 60,617 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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