Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Up - Here's Why

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $10.63, but opened at $11.05. Nurix Therapeutics shares last traded at $11.34, with a volume of 430,962 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wells Fargo & Company lowered their target price on 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 restated a "buy" rating and issued a $36.00 price objective on shares of Nurix Therapeutics in a report on Wednesday, April 2nd. Stifel Nicolaus reduced their target price on shares of Nurix Therapeutics from $36.00 to $35.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Leerink Partnrs upgraded shares of Nurix Therapeutics to a "hold" rating in a research note on Monday, March 17th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $27.00 price objective on shares of Nurix Therapeutics in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $30.18.

Nurix Therapeutics Stock Performance

The business's 50-day moving average is $10.35 and its two-hundred day moving average is $15.46. The firm has a market capitalization of $974.30 million, a price-to-earnings ratio of -4.42 and a beta of 2.23.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last posted its earnings results on Tuesday, April 8th. The company reported ($0.67) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $18.45 million for the quarter, compared to analyst estimates of $12.78 million. During the same period last year, the business posted ($0.76) earnings per share. Analysts forecast that Nurix Therapeutics, Inc. will post -2.99 EPS for the current year.

Insider Buying and Selling at Nurix Therapeutics

In related news, CFO Houte Hans Van sold 2,438 shares of the stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $11.50, for a total transaction of $28,037.00. Following the completion of the sale, the chief financial officer now directly owns 39,922 shares of the company's stock, valued at approximately $459,103. This represents a 5.76% decrease in their position. The transaction 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 company's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 61,516 shares of the company's stock, valued at $707,434. This trade represents a 5.20% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,013 shares of company stock valued at $137,096. Company insiders own 7.40% of the company's stock.

Institutional Trading of Nurix Therapeutics

Institutional investors have recently modified their holdings of the company. Barclays PLC raised its position in Nurix Therapeutics by 77.9% in the 3rd quarter. Barclays PLC now owns 128,344 shares of the company's stock valued at $2,884,000 after buying an additional 56,190 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Nurix Therapeutics by 42.7% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 789,222 shares of the company's stock worth $14,869,000 after purchasing an additional 235,971 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Nurix Therapeutics by 13.5% in the fourth quarter. Rhumbline Advisers now owns 103,233 shares of the company's stock worth $1,945,000 after purchasing an additional 12,315 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Nurix Therapeutics by 8.9% during the fourth quarter. Bank of New York Mellon Corp now owns 190,905 shares of the company's stock worth $3,597,000 after purchasing an additional 15,639 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in Nurix Therapeutics in the 4th quarter valued at $376,000.

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.