Nurix Therapeutics (NASDAQ:NRIX) Shares Up 10% - What's Next?

Key Points

• Shares jumped about 10% on Tuesday to roughly $16.13, though volume was sharply below average, suggesting the move occurred on low liquidity.
• Several analysts raised price targets (e.g., Mizuho to $30, Morgan Stanley $36), leaving a consensus rating of Moderate Buy and a consensus target of $30.54.
• Nurix slightly beat quarterly EPS and revenue estimates (EPS -$0.82 vs. -$0.84) but remains deeply unprofitable with a large negative net margin, even as major institutions like Vanguard, Morgan Stanley and General Atlantic materially increased their stakes.

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) shares shot up 10% during trading on Tuesday . The stock traded as high as $15.86 and last traded at $16.1350. 77,502 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 1,134,880 shares. The stock had previously closed at $14.67.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Mizuho raised their price objective on Nurix Therapeutics from $24.00 to $30.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 10th. Morgan Stanley set a $36.00 target price on shares of Nurix Therapeutics and gave the stock an "overweight" rating in a report on Thursday, January 8th. BTIG Research restated a "buy" rating and issued a $30.00 price target on shares of Nurix Therapeutics in a research report on Thursday, January 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nurix Therapeutics in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada increased their price objective on shares of Nurix Therapeutics from $28.00 to $30.00 and gave the stock an "outperform" rating in a research note on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.54.

Nurix Therapeutics Price Performance

The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -5.23 and a beta of 1.96. The company has a 50-day simple moving average of $16.15 and a two-hundred day simple moving average of $14.92.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its quarterly earnings results on Wednesday, January 28th. The company reported ($0.82) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.84) by $0.02. Nurix Therapeutics had a negative net margin of 314.90% and a negative return on equity of 57.51%. The company had revenue of $13.58 million during the quarter, compared to the consensus estimate of $13.41 million. Research analysts anticipate that Nurix Therapeutics, Inc. will post -2.99 EPS for the current year.

Insider Activity

In other Nurix Therapeutics news, insider Gwenn Hansen sold 4,895 shares of the firm's stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $16.60, for a total value of $81,257.00. Following the sale, the insider owned 83,672 shares in the company, valued at approximately $1,388,955.20. This trade represents a 5.53% 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, CFO Houte Hans Van sold 3,661 shares of Nurix Therapeutics stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $16.60, for a total value of $60,772.60. Following the sale, the chief financial officer directly owned 45,427 shares in the company, valued at approximately $754,088.20. This trade represents a 7.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 7.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NRIX. Vanguard Group Inc. grew its stake in shares of Nurix Therapeutics by 32.5% in the fourth quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company's stock worth $112,862,000 after purchasing an additional 1,460,736 shares in the last quarter. General Atlantic L.P. bought a new stake in shares of Nurix Therapeutics during the fourth quarter valued at about $92,899,000. Morgan Stanley lifted its holdings in Nurix Therapeutics by 115.9% in the fourth quarter. Morgan Stanley now owns 4,881,069 shares of the company's stock worth $92,594,000 after purchasing an additional 2,620,323 shares during the period. Vestal Point Capital LP lifted its holdings in Nurix Therapeutics by 35.0% in the fourth quarter. Vestal Point Capital LP now owns 4,690,000 shares of the company's stock worth $88,969,000 after purchasing an additional 1,215,000 shares during the period. Finally, Baker BROS. Advisors LP grew its position in Nurix Therapeutics by 20.0% in the 4th quarter. Baker BROS. Advisors LP now owns 4,658,556 shares of the company's stock valued at $88,373,000 after buying an additional 776,431 shares in the last quarter.

Nurix Therapeutics Company Profile

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that harness the ubiquitin-proteasome system to selectively degrade disease-causing proteins. By modulating E3 ubiquitin ligases and related molecular machinery, Nurix aims to expand treatment options for patient populations with unmet medical needs in oncology and immunology.

The company's pipeline includes multiple programs in various stages of development.

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