Nurix Therapeutics (NASDAQ:NRIX) Price Target Raised to $34.00 at Needham & Company LLC

Nurix Therapeutics (NASDAQ:NRIX) had its price target boosted by equities researchers at Needham & Company LLC from $26.00 to $34.00 in a research report issued on Monday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 115.26% from the stock’s current price.

NRIX has been the topic of several other research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Tuesday, April 21st. BTIG Research reissued a “buy” rating and issued a $30.00 price target on shares of Nurix Therapeutics in a report on Monday, May 18th. Wells Fargo & Company cut their price target on shares of Nurix Therapeutics from $29.00 to $28.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Finally, HC Wainwright reissued a “buy” rating and set a $32.00 price objective on shares of Nurix Therapeutics in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Nurix Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.08.

Nurix Therapeutics Stock Up 7.9%

NRIX traded up $1.16 on Monday, hitting $15.80. The company’s stock had a trading volume of 15,038,680 shares, compared to its average volume of 1,252,915. The company’s 50 day simple moving average is $16.33 and its 200-day simple moving average is $16.88. The firm has a market cap of $1.63 billion, a P/E ratio of -5.02 and a beta of 1.86. Nurix Therapeutics has a 12 month low of $8.19 and a 12 month high of $22.50.

Nurix Therapeutics (NASDAQ:NRIX) last released 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 net margin of 411.37% and a negative return on equity of 64.21%. The business had revenue of $6.25 million for the quarter, compared to the consensus estimate of $14.25 million. Equities analysts predict that Nurix Therapeutics will post -2.94 earnings per share for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Nurix Therapeutics

Several large investors have recently made changes to their positions in NRIX. Vanguard Group Inc. grew its holdings in shares of Nurix Therapeutics by 32.5% during the fourth quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company’s stock worth $112,862,000 after buying an additional 1,460,736 shares in the last quarter. General Atlantic L.P. acquired a new position in Nurix Therapeutics in the fourth quarter valued at about $92,899,000. Morgan Stanley lifted its position in shares of 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 purchasing an additional 2,620,323 shares in the last quarter. Vestal Point Capital LP lifted its position in shares of Nurix Therapeutics by 35.0% during the fourth quarter. Vestal Point Capital LP now owns 4,690,000 shares of the company’s stock worth $88,969,000 after purchasing an additional 1,215,000 shares in the last quarter. Finally, Baker BROS. Advisors LP lifted its position in shares of Nurix Therapeutics by 20.0% during the fourth quarter. Baker BROS. Advisors LP now owns 4,658,556 shares of the company’s stock worth $88,373,000 after purchasing an additional 776,431 shares in the last quarter.

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.