Needham & Company LLC Reaffirms “Buy” Rating for Nurix Therapeutics (NASDAQ:NRIX)

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They currently have a $26.00 price objective on the stock. Needham & Company LLC’s price target would indicate a potential upside of 45.50% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. BTIG Research increased their target price on shares of Nurix Therapeutics from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, December 9th. Wells Fargo & Company upped their price target on shares of Nurix Therapeutics from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. Morgan Stanley set a $36.00 price objective on shares of Nurix Therapeutics and gave the stock an “overweight” rating in a research report on Thursday, January 8th. Oppenheimer decreased their price objective on shares of Nurix Therapeutics from $30.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, October 10th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Nurix Therapeutics in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Nurix Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.14.

Nurix Therapeutics Price Performance

NASDAQ:NRIX opened at $17.87 on Thursday. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -6.02 and a beta of 1.93. The business has a 50 day simple moving average of $18.46 and a 200-day simple moving average of $13.31. Nurix Therapeutics has a 1 year low of $8.18 and a 1 year high of $22.50.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings results on Wednesday, January 28th. The company reported ($0.82) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.04. The company had revenue of $13.58 million for the quarter, compared to analyst estimates of $13.41 million. Nurix Therapeutics had a negative return on equity of 53.57% and a negative net margin of 292.50%. As a group, analysts expect that Nurix Therapeutics will post -2.99 earnings per share for the current fiscal year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 6,284 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $472,155.52. The trade was a 14.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.40% of the stock is currently owned by company insiders.

Institutional Trading of Nurix Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of NRIX. Wexford Capital LP purchased a new stake in shares of Nurix Therapeutics in the third quarter valued at approximately $41,000. Tower Research Capital LLC TRC increased its holdings in Nurix Therapeutics by 118.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company’s stock worth $73,000 after purchasing an additional 3,475 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Nurix Therapeutics by 66.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,926 shares of the company’s stock valued at $93,000 after purchasing an additional 1,970 shares in the last quarter. Sherbrooke Park Advisers LLC purchased a new stake in shares of Nurix Therapeutics in the 3rd quarter worth $100,000. Finally, 49 Wealth Management LLC bought a new position in shares of Nurix Therapeutics during the 3rd quarter worth $108,000.

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.