Nurix Therapeutics (NASDAQ:NRIX) Shares Up 3.9% - Time to Buy?

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) shot up 3.9% during trading on Wednesday . The company traded as high as $10.16 and last traded at $10.15. 94,705 shares changed hands during trading, a decline of 89% from the average session volume of 870,196 shares. The stock had previously closed at $9.77.

Analyst Ratings Changes

NRIX has been the subject of a number of analyst reports. Morgan Stanley boosted their target price on shares of Nurix Therapeutics from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Monday, February 3rd. Wells Fargo & Company lowered their target price on shares of Nurix Therapeutics from $32.00 to $25.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Wall Street Zen downgraded shares of Nurix Therapeutics from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Leerink Partners initiated coverage on shares of Nurix Therapeutics in a research note on Monday, March 17th. They set a "market perform" rating and a $16.00 target price for the company. Finally, Leerink Partnrs upgraded shares of Nurix Therapeutics to a "hold" rating in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, Nurix Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $30.44.

Nurix Therapeutics Price Performance

The company has a market cap of $809.63 million, a price-to-earnings ratio of -3.67 and a beta of 2.23. The firm's 50 day simple moving average is $10.35 and its 200-day simple moving average is $15.80.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its quarterly earnings data on Tuesday, April 8th. The company reported ($0.67) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.05. Nurix Therapeutics had a negative net margin of 354.85% and a negative return on equity of 53.65%. The company had revenue of $18.45 million during the quarter, compared to the consensus estimate of $12.78 million. During the same quarter in the prior year, the firm posted ($0.76) earnings per share. On average, analysts forecast that Nurix Therapeutics, Inc. will post -2.99 EPS for the current year.

Insider Activity

In other news, CFO Houte Hans Van sold 5,825 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.49, for a total value of $84,404.25. Following the completion of the sale, the chief financial officer now directly owns 33,724 shares of the company's stock, valued at approximately $488,660.76. This represents a 14.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gwenn Hansen sold 3,377 shares of the company's stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $11.50, for a total transaction of $38,835.50. Following the completion of the sale, the insider now directly owns 61,516 shares of the company's stock, 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. Over the last three months, insiders sold 17,838 shares of company stock valued at $221,500. Insiders own 7.40% of the company's stock.

Institutional Investors Weigh In On Nurix Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. FMR LLC lifted its position in Nurix Therapeutics by 1,711.9% in the fourth quarter. FMR LLC now owns 10,634,231 shares of the company's stock valued at $200,349,000 after purchasing an additional 10,047,329 shares during the period. Vanguard Group Inc. lifted its position in 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. Wellington Management Group LLP lifted its position in Nurix Therapeutics by 3.0% in the fourth quarter. Wellington Management Group LLP now owns 3,586,605 shares of the company's stock valued at $67,572,000 after purchasing an additional 104,500 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in Nurix Therapeutics by 2.0% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,428,283 shares of the company's stock valued at $28,849,000 after purchasing an additional 47,855 shares during the period. Finally, Soleus Capital Management L.P. lifted its position in Nurix Therapeutics by 97.3% in the fourth quarter. Soleus Capital Management L.P. now owns 2,102,833 shares of the company's stock valued at $39,617,000 after purchasing an additional 1,036,999 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.