Nurix Therapeutics (NASDAQ:NRIX) Trading Up 4.6% – Here’s What Happened

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s stock price traded up 4.6% on Friday . The company traded as high as $8.52 and last traded at $8.71. 48,130 shares were traded during trading, a decline of 95% from the average session volume of 875,713 shares. The stock had previously closed at $8.33.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Baird R W raised shares of Nurix Therapeutics to a “strong-buy” rating in a research report on Tuesday, August 26th. Oppenheimer reissued an “outperform” rating and set a $30.00 target price (down previously from $32.00) on shares of Nurix Therapeutics in a research report on Thursday, July 31st. Stephens reissued an “overweight” rating and set a $30.00 target price on shares of Nurix Therapeutics in a research report on Thursday, July 10th. Wall Street Zen raised shares of Nurix Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, June 21st. Finally, Morgan Stanley set a $16.00 price target on Nurix Therapeutics and gave the stock an “equal weight” rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Nurix Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $29.07.

Nurix Therapeutics Stock Performance

The stock has a market capitalization of $682.70 million, a P/E ratio of -3.42 and a beta of 2.10. The business has a fifty day simple moving average of $9.90 and a 200-day simple moving average of $10.83.

Nurix Therapeutics (NASDAQ:NRIX) last posted its quarterly earnings results on Wednesday, July 9th. The company reported ($0.52) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.27. The firm had revenue of $44.06 million for the quarter, compared to analysts’ expectations of $16.26 million. Nurix Therapeutics had a negative return on equity of 45.26% and a negative net margin of 234.57%. On average, sell-side analysts anticipate that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Houte Hans Van sold 5,402 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $11.03, for a total value of $59,584.06. Following the transaction, the chief financial officer directly owned 35,512 shares in the company, valued at $391,697.36. This trade represents a 13.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Gwenn Hansen sold 4,308 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $12.01, for a total value of $51,739.08. Following the completion of the transaction, the insider owned 69,023 shares in the company, valued at approximately $828,966.23. This represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,014 shares of company stock worth $163,014. 7.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Large investors have recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its holdings in shares of Nurix Therapeutics by 118.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company’s stock worth $73,000 after purchasing an additional 3,475 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Nurix Therapeutics by 38.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 9,145 shares of the company’s stock worth $109,000 after purchasing an additional 2,562 shares in the last quarter. Velan Capital Investment Management LP bought a new position in Nurix Therapeutics during the 2nd quarter valued at $114,000. E Fund Management Co. Ltd. bought a new position in Nurix Therapeutics during the 1st quarter valued at $122,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Nurix Therapeutics during the 2nd quarter valued at $141,000.

About Nurix Therapeutics

Nurix Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule and cell therapies for the treatment of cancer, inflammatory conditions, and other diseases. The company develops NX-2127, an orally bioavailable Bruton's tyrosine kinase (BTK) degrader for the treatment of relapsed or refractory B-cell malignancies; NX-5948, an orally bioavailable BTK degrader for the treatment of relapsed or refractory B-cell malignancies and autoimmune diseases; and NX-1607, an orally bioavailable Casitas B-lineage lymphoma proto-oncogene-B (CBL-B) inhibitor for immuno-oncology indications.