Nurix Therapeutics (NASDAQ:NRIX) Shares Up 6.5% - Should You Buy?

Key Points

• Nurix Therapeutics (NASDAQ:NRIX) shares rose 6.5% to $8.99, although trading volume significantly dropped to 190,671 shares.
• Analysts have mixed ratings, with price targets ranging from $26.00 to $34.00, and a consensus rating of "Moderate Buy."
• Nurix reported a revenue of $44.06 million, significantly beating the consensus estimate of $16.26 million, despite a negative earnings per share of ($0.52).

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report)'s stock price traded up 6.5% during mid-day trading on Wednesday . The stock traded as high as $8.97 and last traded at $8.99. 190,671 shares were traded during trading, a decline of 78% from the average session volume of 859,751 shares. The stock had previously closed at $8.44.

Analyst Ratings Changes

Several brokerages have issued reports on NRIX. Stephens restated an "overweight" rating and issued a $30.00 target price on shares of Nurix Therapeutics in a research note on Thursday, July 10th. Baird R W raised Nurix Therapeutics to a "strong-buy" rating in a research report on Tuesday, August 26th. Morgan Stanley set a $16.00 price target on Nurix Therapeutics and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Oppenheimer reaffirmed an "outperform" rating and issued a $30.00 target price (down from $32.00) on shares of Nurix Therapeutics in a report on Thursday, July 31st. Finally, UBS Group cut their target price on Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating on the stock in a research note on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $29.07.

Nurix Therapeutics Trading Down 5.9%

The company's fifty day simple moving average is $10.26 and its two-hundred day simple moving average is $11.02.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its quarterly earnings results on Wednesday, July 9th. The company reported ($0.52) EPS for the quarter, topping analysts' consensus estimates of ($0.79) by $0.27. Nurix Therapeutics had a negative net margin of 234.57% and a negative return on equity of 45.26%. The company had revenue of $44.06 million for the quarter, compared to the consensus estimate of $16.26 million. Sell-side analysts predict that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insider Buying and Selling at Nurix Therapeutics

In other news, CFO Houte Hans Van sold 5,402 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $391,697.36. This represents a 13.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gwenn Hansen sold 4,308 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $12.01, for a total transaction of $51,739.08. Following the sale, the insider directly owned 69,023 shares in the company, valued at approximately $828,966.23. This represents a 5.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,014 shares of company stock valued at $163,014. Corporate insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On Nurix Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. GF Fund Management CO. LTD. acquired a new stake in shares of Nurix Therapeutics during the fourth quarter worth $28,000. Tower Research Capital LLC TRC boosted its holdings in shares of Nurix Therapeutics by 118.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company's stock worth $73,000 after buying an additional 3,475 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Nurix Therapeutics by 38.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 9,145 shares of the company's stock worth $109,000 after buying an additional 2,562 shares in the last quarter. Velan Capital Investment Management LP bought a new position in shares of Nurix Therapeutics in the 2nd quarter worth $114,000. Finally, E Fund Management Co. Ltd. purchased a new stake in Nurix Therapeutics in the 1st quarter valued at $122,000.

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.