Nurix Therapeutics' (NRIX) Buy Rating Reaffirmed at BTIG Research

Key Points

• BTIG Research reaffirmed a Buy rating on Nurix Therapeutics and kept a $30 price target, implying about 89% upside from the current share price.
• The analyst view is broadly positive overall, with Nurix holding a Moderate Buy consensus and an average price target of $30.46, though some firms have recently trimmed or maintained mixed ratings.
• Nurix reported a wider-than-expected quarterly loss and lower-than-forecast revenue, while recent insider sales by executives were also disclosed.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report)'s stock had its "buy" rating restated by BTIG Research in a research note issued on Monday,Benzinga reports. They currently have a $30.00 price objective on the stock. BTIG Research's price objective would suggest a potential upside of 89.27% from the company's current price.

Several other equities analysts have also recently weighed in on NRIX. Wells Fargo & Company dropped their price objective on Nurix Therapeutics from $29.00 to $28.00 and set an "overweight" rating on the stock in a research note on Thursday, April 9th. Royal Bank Of Canada raised their price objective on Nurix Therapeutics from $28.00 to $30.00 and gave the company an "outperform" rating in a research note on Thursday, January 29th. Piper Sandler raised their price objective on Nurix Therapeutics from $32.00 to $35.00 and gave the company an "overweight" rating in a research note on Thursday, January 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Nurix Therapeutics in a research note on Tuesday, April 21st. Finally, Stifel Nicolaus lifted their target price on shares of Nurix Therapeutics from $33.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Nurix Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $30.46.

Nurix Therapeutics Stock Performance

Shares of NASDAQ NRIX opened at $15.85 on Monday. Nurix Therapeutics has a fifty-two week low of $8.19 and a fifty-two week high of $22.50. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -5.02 and a beta of 1.87. The firm's 50-day simple moving average is $15.91 and its 200 day simple moving average is $16.45.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 8th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.03). Nurix Therapeutics had a negative net margin of 411.37% and a negative return on equity of 64.21%. The business had revenue of $6.25 million during the quarter, compared to the consensus estimate of $14.25 million. On average, sell-side analysts predict that Nurix Therapeutics will post -2.94 EPS for the current year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, insider Gwenn Hansen sold 3,214 shares of the business's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $16.65, for a total transaction of $53,513.10. Following the sale, the insider owned 120,399 shares of the company's stock, valued at $2,004,643.35. The trade was a 2.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Houte Hans Van sold 14,055 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $16.60, for a total transaction of $233,313.00. Following the sale, the chief financial officer directly owned 37,592 shares in the company, valued at $624,027.20. The trade was a 27.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 19,657 shares of company stock worth $326,586 over the last 90 days. 6.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nurix Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC raised its holdings in Nurix Therapeutics by 339.0% during the 4th quarter. Larson Financial Group LLC now owns 1,541 shares of the company's stock valued at $29,000 after acquiring an additional 1,190 shares during the period. California State Teachers Retirement System increased its position in shares of Nurix Therapeutics by 2.2% during the fourth quarter. California State Teachers Retirement System now owns 68,019 shares of the company's stock valued at $1,290,000 after buying an additional 1,476 shares during the period. Intesa Sanpaolo Wealth Management bought a new stake in shares of Nurix Therapeutics during the fourth quarter valued at about $31,000. Royal Bank of Canada increased its position in shares of Nurix Therapeutics by 17.6% during the fourth quarter. Royal Bank of Canada now owns 10,842 shares of the company's stock valued at $206,000 after buying an additional 1,623 shares during the period. Finally, Arizona State Retirement System increased its position in shares of Nurix Therapeutics by 8.2% during the fourth quarter. Arizona State Retirement System now owns 21,990 shares of the company's stock valued at $417,000 after buying an additional 1,674 shares during the period.

About Nurix Therapeutics

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that harness the ubiquitin-proteasome system to selectively degrade disease-causing proteins. By modulating E3 ubiquitin ligases and related molecular machinery, Nurix aims to expand treatment options for patient populations with unmet medical needs in oncology and immunology.

The company's pipeline includes multiple programs in various stages of development.

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