Nurix Therapeutics (NASDAQ:NRIX) Raised to "Strong-Buy" at Baird R W

Key Points

• Nurix Therapeutics stock has been upgraded to a "strong-buy" rating by Baird R W, reflecting positive analyst sentiment towards the company.
• The stock currently has a consensus price target of $28.87, with an average rating of "Moderate Buy" from analysts.
• Nurix Therapeutics reported earnings of ($0.52) per share, exceeding expectations, while also having significant revenue growth for the quarter.

Baird R W upgraded shares of Nurix Therapeutics (NASDAQ:NRIX - Free Report) to a strong-buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

Several other equities analysts also recently weighed in on the company. Oppenheimer reaffirmed an "outperform" rating and issued a $30.00 target price (down from $32.00) on shares of Nurix Therapeutics in a research report on Thursday, July 31st. Stephens reaffirmed an "overweight" rating and issued a $30.00 target price on shares of Nurix Therapeutics in a research report on Thursday, July 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $27.00 target price on shares of Nurix Therapeutics in a research report on Tuesday, April 29th. Morgan Stanley set a $16.00 target price on Nurix Therapeutics and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Finally, UBS Group dropped 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. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $28.87.

Nurix Therapeutics Stock Down 0.7%

Shares of NRIX traded down $0.07 during midday trading on Tuesday, reaching $9.34. The company had a trading volume of 1,832,002 shares, compared to its average volume of 675,848. Nurix Therapeutics has a 1-year low of $8.18 and a 1-year high of $29.56. The stock has a market cap of $714.04 million, a PE ratio of -3.58 and a beta of 2.10. The firm has a 50 day simple moving average of $11.14 and a 200-day simple moving average of $11.67.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 9th. The company reported ($0.52) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.79) by $0.27. The firm had revenue of $44.06 million during 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%. As a group, sell-side analysts anticipate that Nurix Therapeutics will post -2.99 earnings per share for the current fiscal year.

Insider Activity at Nurix Therapeutics

In related news, insider Gwenn Hansen sold 4,308 shares of the business's stock in a transaction that occurred 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Houte Hans Van sold 5,402 shares of the business's stock in a transaction that occurred 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 sale, the chief financial officer owned 35,512 shares of the company's stock, valued at approximately $391,697.36. The trade was a 13.20% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,014 shares of company stock valued at $163,014. 7.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. ARK Investment Management LLC increased its holdings in shares of Nurix Therapeutics by 4.0% in the first quarter. ARK Investment Management LLC now owns 1,590,910 shares of the company's stock valued at $18,900,000 after purchasing an additional 60,617 shares during the period. Hussman Strategic Advisors Inc. acquired a new position in shares of Nurix Therapeutics in the first quarter valued at approximately $499,000. RA Capital Management L.P. acquired a new position in shares of Nurix Therapeutics in the fourth quarter valued at approximately $25,120,000. Vanguard Group Inc. increased its holdings in shares of Nurix Therapeutics by 1.6% in the first quarter. Vanguard Group Inc. now owns 4,415,122 shares of the company's stock valued at $52,452,000 after purchasing an additional 69,856 shares during the period. Finally, Ensign Peak Advisors Inc increased its holdings in shares of Nurix Therapeutics by 108.2% in the fourth quarter. Ensign Peak Advisors Inc now owns 374,673 shares of the company's stock valued at $7,059,000 after purchasing an additional 194,673 shares during the period.

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.