Nurix Therapeutics' (NRIX) "Buy" Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright reiterated its Buy rating on Nurix Therapeutics and kept a $32 price target, implying roughly 104.6% upside from the prior close.
• Several other analysts also turned more positive, with BTIG, Truist, Jefferies, and Needham all raising price targets and maintaining Buy ratings; consensus now sits at Moderate Buy with an average target of $32.14.
• Despite the upbeat analyst views, Nurix recently reported a wider-than-expected loss and lower revenue than forecast, while insiders sold shares and hedge funds continued to build positions in the stock.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at HC Wainwright in a research report issued on Wednesday,Benzinga reports. They currently have a $32.00 target price on the stock. HC Wainwright's price objective points to a potential upside of 104.60% from the company's previous close.

Several other equities analysts have also commented on NRIX. BTIG Research raised their price objective on Nurix Therapeutics from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Tuesday. Truist Financial increased their price target on shares of Nurix Therapeutics from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Monday. Jefferies Financial Group lifted their price target on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the company a "buy" rating in a research report on Monday. Needham & Company LLC boosted their price objective on shares of Nurix Therapeutics from $26.00 to $34.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Wells Fargo & Company cut shares of Nurix Therapeutics from an "overweight" rating to a "hold" rating and cut their price objective for the stock from $28.00 to $25.00 in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $32.14.

Nurix Therapeutics Stock Performance

Nurix Therapeutics stock opened at $15.64 on Wednesday. Nurix Therapeutics has a fifty-two week low of $8.19 and a fifty-two week high of $22.50. The stock's 50 day simple moving average is $16.35 and its two-hundred day simple moving average is $16.91. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -4.95 and a beta of 1.86.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its earnings results on Wednesday, April 8th. The company reported ($0.79) EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $6.25 million during the quarter, compared to analysts' expectations of $14.25 million. On average, analysts predict that Nurix Therapeutics will post -2.94 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Nurix Therapeutics

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Nurix Therapeutics by 32.5% in the fourth quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company's stock worth $112,862,000 after acquiring an additional 1,460,736 shares during the period. Pictet Asset Management Holding SA lifted its position in Nurix Therapeutics by 75.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,467,600 shares of the company's stock valued at $65,780,000 after purchasing an additional 1,487,060 shares during the period. Handelsbanken Fonder AB boosted its holdings in Nurix Therapeutics by 85.7% in the third quarter. Handelsbanken Fonder AB now owns 520,000 shares of the company's stock worth $4,805,000 after purchasing an additional 240,000 shares during the last quarter. Cinctive Capital Management LP grew its position in Nurix Therapeutics by 64.5% in the 3rd quarter. Cinctive Capital Management LP now owns 191,015 shares of the company's stock worth $1,765,000 after purchasing an additional 74,882 shares during the period. Finally, Rhenman & Partners Asset Management AB grew its position in Nurix Therapeutics by 87.8% in the 3rd quarter. Rhenman & Partners Asset Management AB now owns 347,500 shares of the company's stock worth $3,211,000 after purchasing an additional 162,500 shares during the period.

Nurix Therapeutics Company Profile

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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