Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Up on Analyst Upgrade

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s stock price gapped up prior to trading on Monday after BTIG Research raised their price target on the stock from $30.00 to $32.00. The stock had previously closed at $14.64, but opened at $16.73. BTIG Research currently has a buy rating on the stock. Nurix Therapeutics shares last traded at $16.0510, with a volume of 9,275,314 shares trading hands.

Several other analysts have also issued reports on the company. Wells Fargo & Company lowered Nurix Therapeutics from an “overweight” rating to a “hold” rating and dropped their price objective for the company from $28.00 to $25.00 in a research note on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nurix Therapeutics in a research note on Tuesday, April 21st. HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of Nurix Therapeutics in a research note on Monday, April 27th. Truist Financial increased their target price on Nurix Therapeutics from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Needham & Company LLC increased their target price on Nurix Therapeutics from $26.00 to $34.00 and gave the stock a “buy” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.14.

Insider Buying and Selling

In other news, insider Gwenn Hansen sold 3,214 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $16.65, for a total transaction of $53,513.10. Following the transaction, the insider owned 120,399 shares in the company, valued at approximately $2,004,643.35. This trade represents a 2.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Houte Hans Van sold 14,055 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $16.60, for a total value of $233,313.00. Following the transaction, the chief financial officer owned 37,592 shares in the company, valued at approximately $624,027.20. This trade represents a 27.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 19,657 shares of company stock worth $326,586. 6.70% of the stock is owned by corporate insiders.

Key Headlines Impacting Nurix Therapeutics

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

• Positive Sentiment: Roche’s collaboration with Nurix on bexobrutideg includes $700 million upfront and up to $2.3 billion in total payments, signaling strong external validation of Nurix’s pipeline and creating a meaningful funding source. Reuters article
• Positive Sentiment: The deal expands bexobrutideg’s development into blood cancers, immunology, and neurology, increasing the drug’s addressable market and upside potential for Nurix. Company release
• Positive Sentiment: Multiple analysts raised price targets following the announcement, with BTIG, Jefferies, and Needham all reiterating buy ratings and higher targets, reinforcing bullish sentiment around NRIX. Analyst update
• Neutral Sentiment: Recent commentary noted that short interest was reported at 0 shares, which does not provide a meaningful signal for the stock’s near-term direction.
• Negative Sentiment: Wells Fargo downgraded Nurix Therapeutics to “hold” from “overweight” and trimmed its price target, creating a small offset to the otherwise very upbeat news flow. Analyst downgrade

Institutional Investors Weigh In On Nurix Therapeutics

A number of large investors have recently modified their holdings of the business. Perceptive Advisors LLC boosted its holdings in shares of Nurix Therapeutics by 4.4% in the 1st quarter. Perceptive Advisors LLC now owns 3,710,877 shares of the company’s stock valued at $57,519,000 after purchasing an additional 155,000 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Nurix Therapeutics by 8.9% in the 1st quarter. Bank of America Corp DE now owns 802,153 shares of the company’s stock valued at $12,433,000 after purchasing an additional 65,595 shares in the last quarter. Stempoint Capital LP acquired a new stake in shares of Nurix Therapeutics during the 1st quarter valued at $4,886,000. California State Teachers Retirement System boosted its holdings in shares of Nurix Therapeutics by 45.6% during the 1st quarter. California State Teachers Retirement System now owns 99,042 shares of the company’s stock valued at $1,535,000 after acquiring an additional 31,023 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings 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 Stock Performance

The company has a market cap of $1.62 billion, a price-to-earnings ratio of -4.95 and a beta of 1.86. The company has a fifty day moving average of $16.35 and a two-hundred day moving average of $16.91.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings data on Wednesday, April 8th. The company reported ($0.79) earnings per share 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 firm had revenue of $6.25 million for the quarter, compared to analyst estimates of $14.25 million. Equities analysts expect that Nurix Therapeutics, Inc. will post -2.94 EPS for the current fiscal year.

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.