Nurix Therapeutics (NASDAQ:NRIX) Trading Up 6.4% – Here’s Why

Nurix Therapeutics, Inc. (NASDAQ:NRIX) rose 6.4% on Monday . The stock traded as high as $10.80 and last traded at $10.90. Approximately 298,846 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 879,344 shares. The stock had previously closed at $10.24.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NRIX. Stephens restated an “overweight” rating and set a $31.00 target price on shares of Nurix Therapeutics in a report on Tuesday, January 21st. Royal Bank of Canada raised their price target on Nurix Therapeutics from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, January 29th. Needham & Company LLC reduced their price objective on shares of Nurix Therapeutics from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. Leerink Partnrs raised shares of Nurix Therapeutics to a “hold” rating in a research report on Monday, March 17th. Finally, Morgan Stanley lifted their target price on shares of Nurix Therapeutics from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Three research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.44.

Nurix Therapeutics Price Performance

The stock has a market cap of $829.45 million, a price-to-earnings ratio of -3.76 and a beta of 2.23. The business’s 50-day simple moving average is $13.19 and its two-hundred day simple moving average is $18.73.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings data on Tuesday, April 8th. The company reported ($0.67) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.05. Nurix Therapeutics had a negative return on equity of 53.65% and a negative net margin of 354.85%. The company had revenue of $18.45 million during the quarter, compared to the consensus estimate of $12.78 million. During the same quarter in the prior year, the firm posted ($0.76) earnings per share. Equities research analysts forecast that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Gwenn Hansen sold 3,690 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $19.85, for a total value of $73,246.50. Following the sale, the insider now directly owns 55,937 shares of the company’s stock, valued at approximately $1,110,349.45. This represents a 6.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Houte Hans Van sold 5,825 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.49, for a total transaction of $84,404.25. Following the completion of the transaction, the chief financial officer now owns 33,724 shares in the company, valued at approximately $488,660.76. The trade was a 14.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,326 shares of company stock valued at $213,449 over the last ninety days. 7.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC boosted its position in shares of Nurix Therapeutics by 38.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 9,145 shares of the company’s stock worth $109,000 after purchasing an additional 2,562 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Nurix Therapeutics by 7.0% during the first quarter. Rhumbline Advisers now owns 110,488 shares of the company’s stock valued at $1,313,000 after acquiring an additional 7,255 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Nurix Therapeutics by 202.2% during the first quarter. GAMMA Investing LLC now owns 14,018 shares of the company’s stock worth $167,000 after purchasing an additional 9,380 shares during the period. Wellington Management Group LLP increased its stake in Nurix Therapeutics by 3.0% during the 4th quarter. Wellington Management Group LLP now owns 3,586,605 shares of the company’s stock valued at $67,572,000 after purchasing an additional 104,500 shares in the last quarter. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Nurix Therapeutics during the fourth quarter valued at about $28,000.

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.