Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Up – Still a Buy?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares gapped up before the market opened on Thursday . The stock had previously closed at $18.49, but opened at $19.86. Nurix Therapeutics shares last traded at $18.44, with a volume of 270,812 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Royal Bank Of Canada reiterated an “outperform” rating and issued a $29.00 price target on shares of Nurix Therapeutics in a research note on Wednesday, October 22nd. BTIG Research lifted their price objective on Nurix Therapeutics from $27.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, December 9th. Oppenheimer reduced their target price on Nurix Therapeutics from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, October 10th. Truist Financial began coverage on Nurix Therapeutics in a research report on Monday, November 24th. They issued a “buy” rating and a $30.00 price target on the stock. Finally, Wall Street Zen downgraded Nurix Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Saturday, October 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.13.

Nurix Therapeutics Trading Up 0.8%

The company has a market capitalization of $1.43 billion, a P/E ratio of -6.28 and a beta of 1.93. The stock has a 50 day moving average of $16.60 and a 200-day moving average of $12.61.

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

Insider Buying and Selling at Nurix Therapeutics

In related news, insider Gwenn Hansen sold 4,087 shares of the business’s stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $12.80, for a total value of $52,313.60. Following the sale, the insider directly owned 76,751 shares in the company, valued at approximately $982,412.80. The trade was a 5.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the chief financial officer owned 37,592 shares of the company’s stock, valued at $472,155.52. This represents a 14.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,501 shares of company stock worth $171,305 in the last three months. Insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

Several institutional investors have recently made changes to their positions in NRIX. Vestal Point Capital LP raised its holdings in shares of Nurix Therapeutics by 73.8% during the third quarter. Vestal Point Capital LP now owns 3,475,000 shares of the company’s stock worth $32,109,000 after purchasing an additional 1,475,000 shares during the last quarter. Perceptive Advisors LLC grew its position in Nurix Therapeutics by 268.7% during the 2nd quarter. Perceptive Advisors LLC now owns 1,096,985 shares of the company’s stock worth $12,495,000 after purchasing an additional 799,432 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Nurix Therapeutics by 84.1% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,391,638 shares of the company’s stock valued at $15,851,000 after buying an additional 635,668 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in shares of Nurix Therapeutics by 83.8% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 1,389,274 shares of the company’s stock valued at $15,796,000 after buying an additional 633,304 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of Nurix Therapeutics by 64.3% in the third quarter. Millennium Management LLC now owns 1,523,959 shares of the company’s stock worth $14,081,000 after buying an additional 596,401 shares during the last quarter.

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.