Nurix Therapeutics (NASDAQ:NRIX) Shares Up 7.8% After Earnings Beat

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

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 45.26% and a negative net margin of 234.57%.

Analyst Ratings Changes

Several research firms recently issued reports on NRIX. Wells Fargo & Company dropped their price objective on Nurix Therapeutics from $32.00 to $25.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. UBS Group dropped their price objective on Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating for the company in a research note on Thursday. Leerink Partners began coverage on Nurix Therapeutics in a research note on Monday, March 17th. They set a "market perform" rating and a $16.00 price objective for the company. Stephens reissued an "overweight" rating and set a $30.00 price objective on shares of Nurix Therapeutics in a research note on Thursday. Finally, HC Wainwright reissued a "buy" rating and set a $36.00 price objective on shares of Nurix Therapeutics in a research note on Wednesday, April 2nd. Four investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.59.

Insider Activity

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NRIX. FMR LLC increased its holdings in shares of Nurix Therapeutics by 1,711.9% in the fourth quarter. FMR LLC now owns 10,634,231 shares of the company's stock worth $200,349,000 after buying an additional 10,047,329 shares during the period. RA Capital Management L.P. purchased a new position in Nurix Therapeutics during the 4th quarter valued at about $25,120,000. Soleus Capital Management L.P. increased its holdings in Nurix Therapeutics by 97.3% during the 4th 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. Point72 Asset Management L.P. purchased a new position in Nurix Therapeutics during the 4th quarter valued at about $16,447,000. Finally, Vestal Point Capital LP increased its holdings in Nurix Therapeutics by 132.1% during the 1st quarter. Vestal Point Capital LP now owns 1,125,552 shares of the company's stock valued at $13,372,000 after purchasing an additional 640,552 shares during the period.

Nurix Therapeutics Trading Down 1.8%

The business has a fifty day moving average of $11.24 and a 200-day moving average of $13.85.

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.