Nurix Therapeutics (NASDAQ:NRIX) Stock Price Up 12.4% - Should You Buy?

Key Points

• Nurix Therapeutics shares increased by 12.4% on Wednesday, closing at $10.32 after trading as high as $10.27, with total trading volume rising to approximately 963,122 shares.
• Several analysts have revised their price targets for NRIX, with Oppenheimer and Piper Sandler lowering their targets to $28.00 and $32.00 respectively, while Wall Street Zen has issued a strong sell rating.
• The company reported a quarterly loss of ($1.03) earnings per share, missing analysts' estimates, and had a revenue of $7.89 million, significantly below the consensus estimate of $16.06 million.

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) rose 12.4% during trading on Wednesday . The company traded as high as $10.27 and last traded at $10.32. Approximately 963,122 shares changed hands during trading, an increase of 6% from the average daily volume of 909,133 shares. The stock had previously closed at $9.18.

Wall Street Analyst Weigh In

NRIX has been the subject of a number of research analyst reports. Oppenheimer cut their price target on Nurix Therapeutics from $30.00 to $28.00 and set an "outperform" rating for the company in a report on Friday, October 10th. Piper Sandler cut their price target on Nurix Therapeutics from $35.00 to $32.00 and set an "overweight" rating for the company in a report on Friday, October 10th. Stifel Nicolaus set a $33.00 price objective on Nurix Therapeutics in a research report on Friday. UBS Group lowered their price objective on Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating on the stock in a research report on Thursday, July 10th. Finally, Wall Street Zen cut Nurix Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $27.79.

Nurix Therapeutics Stock Up 12.7%

The business has a 50-day simple moving average of $9.46 and a two-hundred day simple moving average of $10.53. The stock has a market capitalization of $795.71 million, a P/E ratio of -3.48 and a beta of 2.33.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its quarterly earnings results on Thursday, October 9th. The company reported ($1.03) earnings per share for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.19). Nurix Therapeutics had a negative net margin of 292.50% and a negative return on equity of 53.57%. The company had revenue of $7.89 million during the quarter, compared to the consensus estimate of $16.06 million. On average, sell-side analysts forecast that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of Nurix Therapeutics

Large investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC grew its holdings in shares of Nurix Therapeutics by 118.3% during the second quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company's stock worth $73,000 after purchasing an additional 3,475 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Nurix Therapeutics by 38.9% during the first quarter. Exchange Traded Concepts LLC now owns 9,145 shares of the company's stock valued at $109,000 after acquiring an additional 2,562 shares during the period. Velan Capital Investment Management LP acquired a new position in shares of Nurix Therapeutics during the second quarter valued at $114,000. E Fund Management Co. Ltd. acquired a new position in shares of Nurix Therapeutics during the first quarter valued at $122,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Nurix Therapeutics during the second quarter valued at $141,000.

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.

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