Nurix Therapeutics (NASDAQ:NRIX) Trading 7.8% Higher - Here's What Happened

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) shot up 7.8% during trading on Wednesday . The stock traded as high as $12.91 and last traded at $13.17. 219,435 shares traded hands during trading, a decline of 74% from the average session volume of 834,181 shares. The stock had previously closed at $12.21.

Analyst Ratings Changes

Several brokerages have recently commented on NRIX. Needham & Company LLC restated a "buy" rating and set a $27.00 target price on shares of Nurix Therapeutics in a report on Tuesday, April 29th. Stephens restated an "overweight" rating and set a $30.00 target price on shares of Nurix Therapeutics in a report on Thursday. Oppenheimer decreased their target price on Nurix Therapeutics from $32.00 to $30.00 and set an "outperform" rating on the stock in a report on Thursday. Wall Street Zen upgraded Nurix Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Finally, Leerink Partners started coverage on Nurix Therapeutics in a research note on Monday, March 17th. They set a "market perform" rating and a $16.00 price target on the stock. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.59.

Nurix Therapeutics Stock Performance

The firm has a market cap of $953.38 million, a price-to-earnings ratio of -4.80 and a beta of 2.15. The business has a fifty day simple moving average of $11.22 and a 200-day simple moving average of $13.89.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued 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. The company had revenue of $44,056 billion during the quarter, compared to analysts' expectations of $16.26 million. Nurix Therapeutics had a negative return on equity of 44.91% and a negative net margin of 234.57%. On average, equities analysts anticipate that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Gwenn Hansen sold 3,377 shares of Nurix Therapeutics stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $11.50, for a total value of $38,835.50. Following the completion of the sale, the insider owned 61,516 shares in the company, valued at $707,434. The trade was a 5.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Houte Hans Van sold 6,198 shares of Nurix Therapeutics stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $11.33, for a total transaction of $70,223.34. Following the completion of the sale, the chief financial officer owned 33,724 shares of the company's stock, valued at $382,092.92. This represents a 15.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,013 shares of company stock worth $137,096 over the last 90 days. Company insiders own 7.40% of the company's stock.

Institutional Trading of Nurix Therapeutics

Hedge funds have recently modified their holdings of the stock. US Bancorp DE grew its stake in Nurix Therapeutics by 144.7% in the fourth quarter. US Bancorp DE now owns 1,424 shares of the company's stock valued at $27,000 after acquiring an additional 842 shares during the period. GF Fund Management CO. LTD. acquired a new stake in Nurix Therapeutics in the fourth quarter valued at approximately $28,000. Aquatic Capital Management LLC acquired a new stake in Nurix Therapeutics in the fourth quarter valued at approximately $87,000. Exchange Traded Concepts LLC grew its stake in Nurix Therapeutics by 38.9% in 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. Finally, E Fund Management Co. Ltd. acquired a new stake in Nurix Therapeutics in the first quarter valued at approximately $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.