Nurix Therapeutics (NASDAQ:NRIX) Trading Up 7.7% - Should You Buy?

Key Points

• Nurix Therapeutics' stock price increased by 7.7% on Wednesday, reaching a last traded price of $10.79, despite a significant decrease in trading volume.
• Analysts maintain a "Moderate Buy" rating for Nurix Therapeutics, with target prices ranging from $27 to $30, indicating optimistic expectations for the company's stock performance.
• Nurix Therapeutics reported a negative EPS of ($0.52) in its latest earnings, surpassing analyst forecasts, with a notable revenue of $44.06 million, far exceeding expectations.

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report)'s stock price shot up 7.7% on Wednesday . The company traded as high as $10.77 and last traded at $10.79. 130,516 shares changed hands during trading, a decline of 85% from the average session volume of 869,313 shares. The stock had previously closed at $10.02.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Stephens reaffirmed an "overweight" rating and issued a $30.00 target price on shares of Nurix Therapeutics in a report on Thursday, July 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $27.00 price objective on shares of Nurix Therapeutics in a research report on Tuesday, April 29th. HC Wainwright cut their target price on Nurix Therapeutics from $36.00 to $34.00 and set a "buy" rating on the stock in a research note on Monday, July 14th. Wall Street Zen raised Nurix Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $30.00 price target (down from $32.00) on shares of Nurix Therapeutics in a report on Thursday, July 31st. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $28.87.

Nurix Therapeutics Stock Up 6.5%

The firm has a market capitalization of $815.80 million, a PE ratio of -4.08 and a beta of 2.14. The stock's fifty day simple moving average is $11.77 and its 200 day simple moving average is $12.58.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its earnings results on Wednesday, July 9th. The company reported ($0.52) EPS for the quarter, topping analysts' consensus estimates of ($0.79) by $0.27. The company had revenue of $44,056 billion for the quarter, compared to analysts' expectations of $16.26 million. Nurix Therapeutics had a negative net margin of 234.57% and a negative return on equity of 45.26%. On average, analysts predict that Nurix Therapeutics, Inc. will post -2.99 EPS for the current year.

Insider Transactions at Nurix Therapeutics

In other news, insider Gwenn Hansen sold 4,308 shares of the business's 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 transaction, the insider directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Houte Hans Van sold 5,402 shares of the 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 sale, the chief financial officer owned 35,512 shares of the company's stock, valued at $391,697.36. This represents a 13.20% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,014 shares of company stock worth $163,014. Insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On Nurix Therapeutics

Several hedge funds have recently modified their holdings of NRIX. Rhumbline Advisers grew its stake in Nurix Therapeutics by 13.3% during the second quarter. Rhumbline Advisers now owns 125,227 shares of the company's stock valued at $1,426,000 after acquiring an additional 14,739 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Nurix Therapeutics by 15.2% during the 2nd quarter. Franklin Resources Inc. now owns 70,861 shares of the company's stock valued at $807,000 after purchasing an additional 9,352 shares during the last quarter. Legal & General Group Plc grew its position in shares of Nurix Therapeutics by 6.5% during the second quarter. Legal & General Group Plc now owns 62,420 shares of the company's stock valued at $711,000 after purchasing an additional 3,801 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Nurix Therapeutics by 10.5% in the second quarter. JPMorgan Chase & Co. now owns 50,482 shares of the company's stock worth $575,000 after purchasing an additional 4,792 shares during the last quarter. Finally, Swiss National Bank lifted its position in shares of Nurix Therapeutics by 12.3% in the second quarter. Swiss National Bank now owns 131,000 shares of the company's stock worth $1,492,000 after buying an additional 14,300 shares in the last quarter.

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.

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