Nurix Therapeutics (NASDAQ:NRIX) Trading 8.7% Higher - Still a Buy?

Key Points

• Nurix Therapeutics' stock price rose 8.7% to $10.85 after trading as high as $10.76, although its trading volume fell 35% compared to the average session.
• Analysts have a consensus rating of "Moderate Buy" for Nurix Therapeutics, with price targets ranging from $16.00 to $30.00.
• The company reported a quarterly earnings loss of ($1.03) EPS, missing estimates and indicating significant negative margins and return on equity.

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report)'s stock price traded up 8.7% on Thursday . The stock traded as high as $10.76 and last traded at $10.85. 579,761 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 895,869 shares. The stock had previously closed at $9.98.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nurix Therapeutics in a report on Wednesday. Stephens reiterated an "overweight" rating and issued a $30.00 price target on shares of Nurix Therapeutics in a report on Thursday, July 10th. Oppenheimer reiterated an "outperform" rating and issued a $30.00 price target (down previously from $32.00) on shares of Nurix Therapeutics in a report on Thursday, July 31st. Baird R W upgraded shares of Nurix Therapeutics to a "strong-buy" rating in a report on Tuesday, August 26th. Finally, Morgan Stanley set a $16.00 price objective on Nurix Therapeutics and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $29.07.

Nurix Therapeutics Stock Performance

The firm has a 50-day moving average price of $9.56 and a 200-day moving average price of $10.60. The stock has a market cap of $830.25 million, a PE ratio of -4.16 and a beta of 2.33.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last posted its quarterly earnings results on Friday, October 10th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.19). 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, Inc. will post -2.99 EPS for the current fiscal year.

Insider Activity

In other news, insider Gwenn Hansen sold 4,308 shares of Nurix Therapeutics stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $12.01, for a total value of $51,739.08. Following the completion of the transaction, the insider owned 69,023 shares of the company's stock, valued at $828,966.23. The trade was a 5.87% decrease in their position. 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 dated Friday, August 1st. The stock was sold at an average price of $11.03, for a total value of $59,584.06. Following the completion of the transaction, the chief financial officer directly owned 35,512 shares of the company's stock, valued at approximately $391,697.36. This trade represents a 13.20% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,014 shares of company stock valued at $163,014. 7.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Nurix Therapeutics

A number of large investors have recently made changes to their positions in the company. Arizona State Retirement System grew its stake in shares of Nurix Therapeutics by 8.7% during the 1st quarter. Arizona State Retirement System now owns 17,253 shares of the company's stock valued at $205,000 after purchasing an additional 1,385 shares during the period. Jump Financial LLC lifted its holdings in Nurix Therapeutics by 1.9% in the 1st quarter. Jump Financial LLC now owns 76,060 shares of the company's stock worth $904,000 after purchasing an additional 1,441 shares in the last quarter. Corebridge Financial Inc. lifted its holdings in Nurix Therapeutics by 5.6% in the 1st quarter. Corebridge Financial Inc. now owns 36,849 shares of the company's stock worth $438,000 after purchasing an additional 1,942 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in Nurix Therapeutics by 13.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 18,404 shares of the company's stock worth $210,000 after purchasing an additional 2,248 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Nurix Therapeutics by 13.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,829 shares of the company's stock worth $224,000 after purchasing an additional 2,260 shares in the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.