Nurix Therapeutics (NASDAQ:NRIX) Shares Up 7.3% – Time to Buy?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares shot up 7.3% during mid-day trading on Monday . The stock traded as high as $16.81 and last traded at $16.6440. 565,012 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 1,142,631 shares. The stock had previously closed at $15.51.

Wall Street Analyst Weigh In

NRIX has been the subject of several recent research reports. Mizuho lifted their price target on Nurix Therapeutics from $24.00 to $30.00 and gave the company an “outperform” rating in a research report on Wednesday, December 10th. Wells Fargo & Company reduced their price target on Nurix Therapeutics from $30.00 to $29.00 and set an “overweight” rating for the company in a research report on Thursday, January 29th. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price target on shares of Nurix Therapeutics in a research report on Thursday, January 29th. Stifel Nicolaus lifted their price target on Nurix Therapeutics from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, January 29th. Finally, BTIG Research reiterated a “buy” rating and issued a $30.00 price target on shares of Nurix Therapeutics in a research report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Nurix Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $30.54.

Nurix Therapeutics Stock Up 1.3%

The company has a market capitalization of $1.71 billion, a PE ratio of -5.44 and a beta of 1.97. The company has a 50-day moving average price of $15.77 and a two-hundred day moving average price of $15.22.

Nurix Therapeutics (NASDAQ:NRIX) last posted its earnings results on Wednesday, April 8th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.03). Nurix Therapeutics had a negative return on equity of 57.51% and a negative net margin of 314.90%.The business had revenue of $6.25 million for the quarter, compared to analysts’ expectations of $14.25 million. As a group, equities analysts anticipate that Nurix Therapeutics, Inc. will post -2.99 EPS for the current fiscal year.

Insider Activity

In related news, CFO Houte Hans Van sold 3,661 shares of the business’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $16.60, for a total transaction of $60,772.60. Following the completion of the transaction, the chief financial officer directly owned 45,427 shares in the company, valued at $754,088.20. The trade was a 7.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gwenn Hansen sold 4,895 shares of the business’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $16.60, for a total value of $81,257.00. Following the transaction, the insider owned 83,672 shares of the company’s stock, valued at approximately $1,388,955.20. The trade was a 5.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NRIX. General Atlantic L.P. purchased a new position in Nurix Therapeutics during the fourth quarter worth about $92,899,000. Morgan Stanley grew its position in Nurix Therapeutics by 115.9% during the fourth quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock worth $92,594,000 after buying an additional 2,620,323 shares in the last quarter. Rubric Capital Management LP purchased a new position in Nurix Therapeutics during the fourth quarter worth about $46,930,000. Braidwell LP purchased a new position in Nurix Therapeutics during the fourth quarter worth about $41,428,000. Finally, Price T Rowe Associates Inc. MD grew its position in Nurix Therapeutics by 195.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,248,361 shares of the company’s stock worth $61,622,000 after buying an additional 2,149,268 shares in the last quarter.

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.