Nurix Therapeutics (NASDAQ:NRIX) Shares Up 6.9% – Here’s What Happened

Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares shot up 6.9% during mid-day trading on Tuesday . The stock traded as high as $13.15 and last traded at $13.0910. 454,705 shares were traded during trading, a decline of 54% from the average session volume of 995,076 shares. The stock had previously closed at $12.25.

Analysts Set New Price Targets

A number of research analysts have recently commented on NRIX shares. Needham & Company LLC reiterated a “buy” rating and set a $26.00 target price on shares of Nurix Therapeutics in a research report on Tuesday, November 4th. Stifel Nicolaus set a $33.00 price target on shares of Nurix Therapeutics in a research note on Friday, October 10th. Morgan Stanley dropped their price objective on shares of Nurix Therapeutics from $16.00 to $15.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 14th. Oppenheimer reduced their target price on shares of Nurix Therapeutics from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, October 10th. Finally, Piper Sandler lowered their price target on shares of Nurix Therapeutics from $35.00 to $32.00 and set an “overweight” rating for the company in a report on Friday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Nurix Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.67.

Nurix Therapeutics Price Performance

The firm has a market cap of $998.67 million, a P/E ratio of -4.38 and a beta of 2.30. The stock’s 50-day simple moving average is $10.08 and its two-hundred day simple moving average is $10.71.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings results on Thursday, October 9th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.19). The firm had revenue of $7.89 million for the quarter, compared to analysts’ expectations of $16.06 million. Nurix Therapeutics had a negative return on equity of 53.57% and a negative net margin of 292.50%. As a group, sell-side analysts expect that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insider Buying and Selling

In other Nurix Therapeutics news, insider Gwenn Hansen sold 4,087 shares of the company’s stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $12.80, for a total value of $52,313.60. Following the transaction, the insider owned 76,751 shares of the company’s stock, valued at $982,412.80. This represents a 5.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Houte Hans Van sold 6,284 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $12.56, for a total value of $78,927.04. Following the completion of the sale, the chief financial officer owned 37,592 shares in the company, valued at approximately $472,155.52. The trade was a 14.32% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 13,501 shares of company stock worth $171,305. Insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. boosted its position in Nurix Therapeutics by 9.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 507,471 shares of the company’s stock valued at $6,029,000 after buying an additional 44,002 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Nurix Therapeutics by 84.1% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,391,638 shares of the company’s stock valued at $15,851,000 after acquiring an additional 635,668 shares in the last quarter. ARK Investment Management LLC raised its stake in shares of Nurix Therapeutics by 4.0% during the first quarter. ARK Investment Management LLC now owns 1,590,910 shares of the company’s stock valued at $18,900,000 after acquiring an additional 60,617 shares in the last quarter. Vestal Point Capital LP boosted its holdings in shares of Nurix Therapeutics by 132.1% in the first quarter. Vestal Point Capital LP now owns 1,125,552 shares of the company’s stock valued at $13,372,000 after purchasing an additional 640,552 shares during the period. Finally, Hussman Strategic Advisors Inc. bought a new position in Nurix Therapeutics in the first quarter worth approximately $499,000.

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.