Nurix Therapeutics (NASDAQ:NRIX) Sees Unusually-High Trading Volume After Analyst Upgrade

Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares saw unusually-high trading volume on Tuesday after BTIG Research raised their price target on the stock from $30.00 to $32.00. BTIG Research currently has a buy rating on the stock. Approximately 1,196,713 shares were traded during mid-day trading, a decline of 9% from the previous session’s volume of 1,312,589 shares.The stock last traded at $15.1830 and had previously closed at $15.64.

A number of other analysts also recently issued reports on NRIX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Tuesday, April 21st. Truist Financial set a $32.00 price objective on shares of Nurix Therapeutics in a research report on Monday. Jefferies Financial Group boosted their target price on Nurix Therapeutics from $41.00 to $45.00 and gave the company a “buy” rating in a report on Monday. Needham & Company LLC boosted their price target 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, HC Wainwright reiterated a “buy” rating and issued a $32.00 price objective on shares of Nurix Therapeutics in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Nurix Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $32.14.

Insider Buying and Selling at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 14,055 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $16.60, for a total transaction of $233,313.00. Following the transaction, the chief financial officer owned 37,592 shares of the company’s stock, valued at $624,027.20. This represents a 27.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 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 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 in the company, valued at approximately $2,004,643.35. The trade was a 2.60% decrease in their ownership of the stock. 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. Insiders sold 19,657 shares of company stock worth $326,586 over the last 90 days. Company insiders own 6.70% of the company’s stock.

Nurix Therapeutics News Roundup

Here are the key news stories impacting Nurix Therapeutics this week:

• Positive Sentiment: Nurix announced a global collaboration with Roche to co-develop and co-commercialize bexobrutideg, with a $700 million upfront payment and up to $2.3 billion in total potential milestones, which materially strengthens the company’s financial and strategic outlook. Article: Nurix Therapeutics Announces Global Collaboration with Roche…
• Positive Sentiment: Multiple analysts raised price targets after the Roche deal, including BTIG to $32, Jefferies to $45, and Needham to $34, signaling increased confidence in Nurix’s upside. Article: Analyst price target updates
• Positive Sentiment: Roche’s agreement expands the potential use of bexobrutideg beyond blood cancers into immunology and neurology, which broadens the commercial opportunity and supports the stock’s recent advance. Article: Roche, Nurix Team Up to Advance BTK Degrader Bexobrutideg
• Neutral Sentiment: A Zacks note said the stock’s recent jump came on heavy trading volume, but warned that earnings estimate revisions may limit near-term follow-through. Article: Strength Seen in Nurix Therapeutics (NRIX)
• Negative Sentiment: Wells Fargo downgraded Nurix to “hold” and lowered its price target to $25, indicating some analysts still see execution or valuation risk despite the Roche announcement. Article: Wells Fargo downgrade

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Perceptive Advisors LLC lifted its stake in shares of Nurix Therapeutics by 4.4% during the first quarter. Perceptive Advisors LLC now owns 3,710,877 shares of the company’s stock worth $57,519,000 after purchasing an additional 155,000 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Nurix Therapeutics by 8.9% in the first quarter. Bank of America Corp DE now owns 802,153 shares of the company’s stock worth $12,433,000 after buying an additional 65,595 shares during the last quarter. Stempoint Capital LP acquired a new stake in shares of Nurix Therapeutics in the 1st quarter valued at about $4,886,000. California State Teachers Retirement System raised its stake in Nurix Therapeutics by 45.6% during the first quarter. California State Teachers Retirement System now owns 99,042 shares of the company’s stock valued at $1,535,000 after buying an additional 31,023 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Nurix Therapeutics by 4.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 179,177 shares of the company’s stock valued at $2,777,000 after acquiring an additional 6,813 shares in the last quarter.

Nurix Therapeutics Trading Down 0.6%

The stock’s 50-day moving average price is $16.33 and its 200-day moving average price is $16.91. The company has a market capitalization of $1.61 billion, a P/E ratio of -4.88 and a beta of 1.86.

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). The company had revenue of $6.25 million for the quarter, compared to the consensus estimate of $14.25 million. Nurix Therapeutics had a negative net margin of 411.37% and a negative return on equity of 64.21%. Sell-side analysts expect that Nurix Therapeutics, Inc. will post -2.94 earnings per share for the current fiscal year.

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.