Nurix Therapeutics (NASDAQ:NRIX) Shares Up 4.9% - Here's What Happened

Key Points

• Nurix Therapeutics saw a share price increase of 4.9% on a recent trading day, reaching a high of $12.16 before closing at $12.09, despite a 52% decline in trading volume compared to average sessions.
• Recent research reports have upgraded Nurix's investment stance, with four analysts rating it as a hold and fourteen giving buy ratings, resulting in a consensus target price of $29.31.
• The company reported earnings per share of ($0.52), exceeding the consensus estimate, and had a revenue of $44.056 billion for the quarter, significantly above predictions.

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report)'s share price traded up 4.9% during trading on Monday . The company traded as high as $12.16 and last traded at $12.09. 426,026 shares traded hands during trading, a decline of 52% from the average session volume of 881,291 shares. The stock had previously closed at $11.52.

Analyst Ratings Changes

NRIX has been the subject of several recent research reports. Wall Street Zen upgraded Nurix Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Stifel Nicolaus reduced their price target on Nurix Therapeutics from $36.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. HC Wainwright reduced their price target on Nurix Therapeutics from $36.00 to $34.00 and set a "buy" rating for the company in a research report on Monday, July 14th. Wells Fargo & Company reduced their target price on Nurix Therapeutics from $32.00 to $25.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Finally, UBS Group reduced their target price on Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating for the company in a research report on Thursday, July 10th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $29.31.

Nurix Therapeutics Stock Performance

The stock has a market cap of $912.05 million, a P/E ratio of -4.57 and a beta of 2.15. The firm has a 50-day moving average price of $11.64 and a 200-day moving average price of $13.24.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 9th. The company reported ($0.52) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.27. The company had revenue of $44,056 billion for the quarter, compared to the consensus estimate of $16.26 million. Nurix Therapeutics had a negative return on equity of 45.26% and a negative net margin of 234.57%. On average, research analysts predict that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insider Activity at Nurix Therapeutics

In other news, CFO Houte Hans Van sold 6,198 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $11.33, for a total transaction of $70,223.34. Following the transaction, the chief financial officer directly owned 33,724 shares of the company's stock, valued at $382,092.92. This represents a 15.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gwenn Hansen sold 3,377 shares of the stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $11.50, for a total value of $38,835.50. Following the transaction, the insider directly owned 61,516 shares in the company, valued at $707,434. The trade was a 5.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,013 shares of company stock worth $137,096 in the last 90 days. 7.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James Financial Inc. bought a new stake in shares of Nurix Therapeutics in the fourth quarter worth about $1,026,000. Teacher Retirement System of Texas grew its holdings in Nurix Therapeutics by 18.4% in the fourth quarter. Teacher Retirement System of Texas now owns 16,263 shares of the company's stock worth $306,000 after purchasing an additional 2,532 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Nurix Therapeutics in the 4th quarter worth $209,000. Vanguard Group Inc. boosted its holdings in Nurix Therapeutics by 8.3% in the fourth quarter. Vanguard Group Inc. now owns 4,345,266 shares of the company's stock valued at $81,865,000 after purchasing an additional 333,452 shares during the last quarter. Finally, Corebridge Financial Inc. raised its position in shares of Nurix Therapeutics by 2.3% in the fourth quarter. Corebridge Financial Inc. now owns 34,907 shares of the company's stock worth $658,000 after acquiring an additional 770 shares during the period.

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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