Royal Bank Of Canada Boosts Nurix Therapeutics (NASDAQ:NRIX) Price Target to $36.00

Key Points

• Royal Bank of Canada raised Nurix Therapeutics’ price target from $33 to $36 while maintaining an “outperform” rating, implying approximately 40.7% upside from the reported $25.59 share price.
• Analyst sentiment remains broadly positive: 13 analysts rate NRIX a Buy, with a consensus “Moderate Buy” rating and average price target of $34.21.
• Nurix reported a quarterly loss of $0.81 per share, below the $0.73 consensus estimate, while revenue of $9.04 million also fell short of expectations; insiders sold 25,314 shares worth about $589,000 over the past 90 days.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) had its price objective hoisted by research analysts at Royal Bank Of Canada from $33.00 to $36.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target indicates a potential upside of 40.67% from the stock's current price.

A number of other equities analysts also recently commented on NRIX. Mizuho raised their price objective on Nurix Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. Robert W. Baird boosted their target price on Nurix Therapeutics from $26.00 to $33.00 and gave the stock an "outperform" rating in a report on Thursday, June 18th. UBS Group increased their target price on shares of Nurix Therapeutics from $23.00 to $31.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. BTIG Research restated a "buy" rating and issued a $32.00 price target on shares of Nurix Therapeutics in a report on Friday, July 10th. Finally, Wells Fargo & Company downgraded shares of Nurix Therapeutics from an "overweight" rating to a "hold" rating and decreased their price objective for the stock from $28.00 to $25.00 in a research note on Monday, June 8th. Thirteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $34.21.

Nurix Therapeutics Stock Up 0.2%

Shares of NASDAQ NRIX traded up $0.06 during trading on Monday, hitting $25.59. 200,664 shares of the company traded hands, compared to its average volume of 1,488,954. Nurix Therapeutics has a 1 year low of $8.19 and a 1 year high of $25.89. The company has a 50-day moving average price of $21.26 and a 200-day moving average price of $18.05. The firm has a market capitalization of $2.66 billion, a P/E ratio of -7.42 and a beta of 1.79.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.08). Nurix Therapeutics had a negative return on equity of 76.09% and a negative net margin of 928.44%.The firm had revenue of $9.04 million during the quarter, compared to analysts' expectations of $15.29 million. Research analysts predict that Nurix Therapeutics will post -2.73 EPS for the current fiscal year.

Insider Activity at Nurix Therapeutics

In related news, insider Gwenn Hansen sold 4,356 shares of the firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $25.00, for a total transaction of $108,900.00. Following the completion of the sale, the insider directly owned 117,227 shares of the company's stock, valued at approximately $2,930,675. This trade represents a 3.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Houte Hans Van sold 4,761 shares of Nurix Therapeutics stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $24.36, for a total transaction of $115,977.96. Following the sale, the chief financial officer directly owned 40,166 shares in the company, valued at $978,443.76. This trade represents a 10.60% 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 25,314 shares of company stock valued at $589,361 in the last ninety days. 6.70% of the stock is owned by corporate insiders.

Institutional Trading of Nurix Therapeutics

Several large investors have recently modified their holdings of NRIX. Larson Financial Group LLC lifted its stake in shares of Nurix Therapeutics by 339.0% in the fourth quarter. Larson Financial Group LLC now owns 1,541 shares of the company's stock worth $29,000 after acquiring an additional 1,190 shares in the last quarter. Intesa Sanpaolo Wealth Management acquired a new stake in Nurix Therapeutics during the 4th quarter valued at approximately $31,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nurix Therapeutics during the 4th quarter valued at approximately $33,000. KBC Group NV purchased a new position in shares of Nurix Therapeutics during the 1st quarter valued at approximately $34,000. Finally, Wexford Capital LP acquired a new stake in shares of Nurix Therapeutics during the third quarter worth approximately $41,000.

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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