Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Up – Time to Buy?

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) gapped up prior to trading on Monday . The stock had previously closed at $18.09, but opened at $21.43. Nurix Therapeutics shares last traded at $20.19, with a volume of 1,145,321 shares traded.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. HC Wainwright decreased their price target on shares of Nurix Therapeutics from $33.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Truist Financial began coverage on Nurix Therapeutics in a research note on Monday, November 24th. They issued a “buy” rating and a $30.00 price objective on the stock. Oppenheimer decreased their target price on Nurix Therapeutics from $30.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, October 10th. Piper Sandler lowered their target price on Nurix Therapeutics from $35.00 to $32.00 and set an “overweight” rating for the company in a report on Friday, October 10th. Finally, Wall Street Zen lowered Nurix Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Saturday, October 11th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.33.

Nurix Therapeutics Stock Performance

The business has a 50 day moving average of $12.58 and a two-hundred day moving average of $11.41. The stock has a market capitalization of $1.67 billion, a PE ratio of -7.36 and a beta of 1.87.

Nurix Therapeutics (NASDAQ:NRIX) last announced its 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 during the quarter, compared to the consensus estimate of $16.06 million. Nurix Therapeutics had a negative return on equity of 53.57% and a negative net margin of 292.50%. On average, equities analysts expect that Nurix Therapeutics, Inc. will post -2.99 EPS for the current fiscal year.

Insider Buying and Selling

In other Nurix Therapeutics news, CFO Houte Hans Van sold 6,284 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were 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 directly owned 37,592 shares in the company, valued at $472,155.52. This trade represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gwenn Hansen sold 4,087 shares of Nurix Therapeutics stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $12.80, for a total transaction of $52,313.60. Following the completion of the transaction, the insider directly owned 76,751 shares in the company, valued at $982,412.80. This represents a 5.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,501 shares of company stock valued at $171,305 in the last three months. 7.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. purchased a new stake in Nurix Therapeutics in the third quarter valued at about $405,000. Wexford Capital LP acquired a new position in shares of Nurix Therapeutics during the third quarter valued at about $41,000. Velan Capital Investment Management LP raised its position in shares of Nurix Therapeutics by 60.0% in the 3rd quarter. Velan Capital Investment Management LP now owns 16,000 shares of the company’s stock valued at $148,000 after purchasing an additional 6,000 shares during the last quarter. Vestal Point Capital LP raised its position in shares of Nurix Therapeutics by 73.8% in the 3rd quarter. Vestal Point Capital LP now owns 3,475,000 shares of the company’s stock valued at $32,109,000 after purchasing an additional 1,475,000 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC acquired a new stake in Nurix Therapeutics in the 3rd quarter worth approximately $100,000.

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.