Nurix Therapeutics (NASDAQ:NRIX) Earns Outperform Rating from Oppenheimer

Key Points

• Oppenheimer has reiterated its "outperform" rating for Nurix Therapeutics (NASDAQ:NRIX) with a new price target of $30.00, indicating a potential upside of 161.87%.
• Insider selling was notable, with key executives reducing their holdings, including CFO Houte Hans Van who sold 6,198 shares, representing a 15.53% decrease in ownership.
• Nurix Therapeutics reported a positive earnings surprise with an EPS of (-$0.52), exceeding estimates of (-$0.79), and generated revenue significantly above analyst expectations at $44.056 million.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report)'s stock had its "outperform" rating reiterated by Oppenheimer in a research note issued to investors on Thursday,Benzinga reports. They presently have a $30.00 price objective on the stock, down from their previous price objective of $32.00. Oppenheimer's target price would suggest a potential upside of 165.96% from the stock's previous close.

A number of other brokerages have also recently commented on NRIX. Wall Street Zen upgraded Nurix Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. 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, July 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $27.00 price objective on shares of Nurix Therapeutics in a research note on Tuesday, April 29th. HC Wainwright dropped their price target on Nurix Therapeutics from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Monday, July 14th. Finally, Morgan Stanley set a $16.00 price target on Nurix Therapeutics and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $28.87.

Nurix Therapeutics Price Performance

Nurix Therapeutics stock traded up $0.24 during mid-day trading on Thursday, reaching $11.28. 439,543 shares of the stock traded hands, compared to its average volume of 885,090. The stock has a market capitalization of $862.34 million, a PE ratio of -4.32 and a beta of 2.14. Nurix Therapeutics has a 12-month low of $8.18 and a 12-month high of $29.56. The business's 50-day moving average is $11.82 and its 200-day moving average is $12.98.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 9th. The company reported ($0.52) EPS for the quarter, beating analysts' consensus estimates 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%. Equities analysts anticipate that Nurix Therapeutics will post -2.99 EPS for the current fiscal year.

Insider Buying and Selling

In other Nurix Therapeutics news, CFO Houte Hans Van sold 5,402 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $11.03, for a total transaction of $59,584.06. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gwenn Hansen sold 4,308 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were 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 of the company's stock, valued at $828,966.23. The trade was a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,014 shares of company stock worth $163,014 in the last quarter. 7.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nurix Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in NRIX. Jump Financial LLC purchased a new position in shares of Nurix Therapeutics during the fourth quarter worth $1,406,000. ARK Investment Management LLC lifted its holdings in Nurix Therapeutics by 4.0% during the 1st quarter. ARK Investment Management LLC now owns 1,590,910 shares of the company's stock worth $18,900,000 after buying an additional 60,617 shares during the last quarter. Hussman Strategic Advisors Inc. acquired a new stake in shares of Nurix Therapeutics during the first quarter worth about $499,000. Affinity Asset Advisors LLC increased its position in Nurix Therapeutics by 9.3% in the 4th quarter. Affinity Asset Advisors LLC now owns 940,083 shares of the company's stock valued at $17,711,000 after acquiring an additional 79,684 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Nurix Therapeutics in the 4th quarter valued at about $1,026,000.

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.