Needham & Company LLC Reiterates Buy Rating for Nurix Therapeutics (NASDAQ:NRIX)

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports. They presently have a $34.00 target price on the stock. Needham & Company LLC’s target price points to a potential upside of 37.71% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. Jefferies Financial Group increased their price target on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, June 8th. HC Wainwright reaffirmed a “buy” rating and issued a $34.00 price objective (up from $32.00) on shares of Nurix Therapeutics in a research report on Friday. Robert W. Baird boosted their target price on shares of Nurix Therapeutics from $26.00 to $33.00 and gave the company an “outperform” rating in a research note on Thursday, June 18th. Truist Financial increased their target price on shares of Nurix Therapeutics from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, June 8th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Nurix Therapeutics in a research note on Tuesday, April 21st. Twelve 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

Nurix Therapeutics Price Performance

Shares of NASDAQ:NRIX opened at $24.69 on Friday. The company has a market capitalization of $2.55 billion, a PE ratio of -7.81 and a beta of 1.80. The business has a fifty day moving average price of $18.31 and a two-hundred day moving average price of $17.33. Nurix Therapeutics has a 1 year low of $8.19 and a 1 year high of $25.09.

Nurix Therapeutics (NASDAQ:NRIX) last announced its earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.09). The business had revenue of $9.04 million for the quarter, compared to analysts’ expectations of $15.29 million. Nurix Therapeutics had a negative net margin of 411.37% and a negative return on equity of 64.21%. Sell-side analysts anticipate that Nurix Therapeutics will post -2.88 earnings per share for the current year.

Insider Buying and Selling at Nurix Therapeutics

In related news, insider Gwenn Hansen sold 5,394 shares of Nurix Therapeutics stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $20.00, for a total value of $107,880.00. Following the completion of the sale, the insider owned 115,005 shares of the company’s stock, valued at approximately $2,300,100. This trade represents a 4.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $16.60, for a total value of $233,313.00. Following the completion of the sale, the chief financial officer owned 37,592 shares in the company, valued at $624,027.20. This represents a 27.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 25,051 shares of company stock valued at $434,466 in the last quarter. 6.70% of the stock is owned by corporate insiders.

Institutional Trading of Nurix Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of NRIX. General Atlantic L.P. purchased a new stake in shares of Nurix Therapeutics during the 4th quarter valued at approximately $92,899,000. Morgan Stanley grew its stake in Nurix Therapeutics by 115.9% in the 4th quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock valued at $92,594,000 after buying an additional 2,620,323 shares in the last quarter. Rubric Capital Management LP purchased a new position in Nurix Therapeutics in the 4th quarter valued at approximately $46,930,000. Braidwell LP bought a new stake in Nurix Therapeutics during the 4th quarter valued at $41,428,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in Nurix Therapeutics by 195.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,248,361 shares of the company’s stock valued at $61,622,000 after acquiring an additional 2,149,268 shares during the period.

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.