Nurix Therapeutics (NASDAQ:NRIX) Trading 6.5% Higher - 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 share price was up 6.5% during trading on Wednesday . The company traded as high as $8.97 and last traded at $8.99. Approximately 190,671 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 859,751 shares. The stock had previously closed at $8.44.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on NRIX shares. Wall Street Zen raised Nurix Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Morgan Stanley set a $16.00 price target on Nurix Therapeutics and gave the company an "equal weight" rating in a report 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. Baird R W raised Nurix Therapeutics to a "strong-buy" rating in a report on Tuesday, August 26th. Finally, HC Wainwright reduced their target price on Nurix Therapeutics from $36.00 to $34.00 and set a "buy" rating on the stock in a report on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Nurix Therapeutics has an average rating of "Moderate Buy" and an average price target of $29.07.

Nurix Therapeutics Stock Down 2.6%

The company's 50 day moving average price is $10.34 and its two-hundred day moving average price is $11.08. The stock has a market cap of $668.09 million, a P/E ratio of -3.34 and a beta of 2.10.

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, beating the consensus estimate 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 firm had revenue of $44.06 million during the quarter, compared to the consensus estimate of $16.26 million. As a group, equities research analysts forecast that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Nurix Therapeutics

Several hedge funds have recently modified their holdings of NRIX. Arizona State Retirement System lifted its stake in Nurix Therapeutics by 8.7% in the 1st quarter. Arizona State Retirement System now owns 17,253 shares of the company's stock valued at $205,000 after buying an additional 1,385 shares in the last quarter. Jump Financial LLC lifted its stake in Nurix Therapeutics by 1.9% in the 1st quarter. Jump Financial LLC now owns 76,060 shares of the company's stock valued at $904,000 after buying an additional 1,441 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Nurix Therapeutics in the 4th quarter valued at about $28,000. Woodline Partners LP lifted its stake in Nurix Therapeutics by 0.5% in the 4th quarter. Woodline Partners LP now owns 338,462 shares of the company's stock valued at $6,377,000 after buying an additional 1,583 shares in the last quarter. Finally, Corebridge Financial Inc. lifted its stake in Nurix Therapeutics by 5.6% in the 1st quarter. Corebridge Financial Inc. now owns 36,849 shares of the company's stock valued at $438,000 after buying an additional 1,942 shares in the last quarter.

About Nurix Therapeutics

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.