Nurix Therapeutics (NASDAQ:NRIX) Stock Price Up 19.2% – What’s Next?

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s stock price was up 19.2% during mid-day trading on Thursday . The stock traded as high as $21.94 and last traded at $23.0020. Approximately 629,752 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 1,470,286 shares. The stock had previously closed at $19.30.

Analyst Ratings Changes

A number of analysts recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $32.00 price objective on shares of Nurix Therapeutics in a research report on Wednesday, June 10th. BTIG Research upped their price objective on shares of Nurix Therapeutics from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Nurix Therapeutics in a research report on Tuesday, April 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $34.00 target price on shares of Nurix Therapeutics in a research note on Monday, June 15th. Finally, Wells Fargo & Company downgraded Nurix Therapeutics from an “overweight” rating to a “hold” rating and cut their price target for the company from $28.00 to $25.00 in a report on Monday, June 8th. Fourteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Nurix Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $32.20.

Nurix Therapeutics Trading Up 2.0%

The stock’s 50 day moving average price is $16.98 and its 200 day moving average price is $17.03. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -7.25 and a beta of 1.86.

Nurix Therapeutics (NASDAQ:NRIX) last released its earnings results on Wednesday, April 8th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.03). Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%.The company had revenue of $6.25 million during the quarter, compared to analyst estimates of $14.25 million. On average, equities analysts expect that Nurix Therapeutics, Inc. will post -2.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Nurix Therapeutics news, insider Gwenn Hansen sold 5,394 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $20.00, for a total transaction of $107,880.00. Following the transaction, the insider owned 115,005 shares of the company’s stock, valued at $2,300,100. This trade represents a 4.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Houte Hans Van sold 14,055 shares of Nurix Therapeutics stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $16.60, for a total transaction of $233,313.00. Following the completion of 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 ninety days, insiders have sold 25,051 shares of company stock worth $434,466. 6.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Perceptive Advisors LLC grew its position in Nurix Therapeutics by 4.4% during the first quarter. Perceptive Advisors LLC now owns 3,710,877 shares of the company’s stock valued at $57,519,000 after acquiring an additional 155,000 shares during the period. Bank of America Corp DE raised 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 worth $12,433,000 after purchasing an additional 65,595 shares during the period. Stempoint Capital LP purchased a new position in shares of Nurix Therapeutics in the 1st quarter worth about $4,886,000. California State Teachers Retirement System raised its holdings in shares of Nurix Therapeutics by 45.6% in the 1st quarter. California State Teachers Retirement System now owns 99,042 shares of the company’s stock worth $1,535,000 after purchasing an additional 31,023 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Nurix Therapeutics by 4.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 179,177 shares of the company’s stock valued at $2,777,000 after purchasing an additional 6,813 shares in the last quarter.

About Nurix Therapeutics

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.