Nurix Therapeutics (NASDAQ:NRIX) Trading Up 19.2% – Here’s What Happened

Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares traded up 19.2% during trading on Thursday . The stock traded as high as $21.94 and last traded at $23.0020. Approximately 629,752 shares were traded 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.

Wall Street Analyst Weigh In

NRIX has been the subject of a number of research reports. HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of Nurix Therapeutics in a report on Wednesday, June 10th. Jefferies Financial Group upped their price objective on Nurix Therapeutics from $41.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Needham & Company LLC reiterated a “buy” rating and set a $34.00 price objective on shares of Nurix Therapeutics in a report on Monday, June 15th. Robert W. Baird lifted their target price on Nurix Therapeutics from $26.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, June 18th. Finally, Wells Fargo & Company downgraded Nurix Therapeutics from an “overweight” rating to a “hold” rating and reduced their price target for the stock from $28.00 to $25.00 in a research report on Monday, June 8th. Fourteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Nurix Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.20.

Nurix Therapeutics Stock Performance

The firm’s 50-day simple moving average is $16.74 and its 200 day simple moving average is $16.96. The stock has a market capitalization of $2.34 billion, a P/E ratio of -7.19 and a beta of 1.86.

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

Insider Activity at Nurix Therapeutics

In related news, insider Gwenn Hansen sold 3,214 shares of the firm’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $16.65, for a total value of $53,513.10. Following the completion of the transaction, the insider directly owned 120,399 shares of the company’s stock, valued at approximately $2,004,643.35. This trade represents a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Houte Hans Van sold 14,055 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $16.60, for a total transaction of $233,313.00. Following the transaction, the chief financial officer owned 37,592 shares in the company, valued at approximately $624,027.20. The trade was a 27.21% decrease in their ownership of the stock. 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. Insiders have sold a total of 19,657 shares of company stock worth $326,586 in the last ninety days. Insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NRIX. Perceptive Advisors LLC lifted its stake in Nurix Therapeutics by 4.4% in the 1st quarter. Perceptive Advisors LLC now owns 3,710,877 shares of the company’s stock valued at $57,519,000 after purchasing an additional 155,000 shares during the last quarter. Bank of America Corp DE increased its position in Nurix Therapeutics by 8.9% during the first quarter. Bank of America Corp DE now owns 802,153 shares of the company’s stock worth $12,433,000 after buying an additional 65,595 shares during the last quarter. Stempoint Capital LP bought a new stake in Nurix Therapeutics in the first quarter valued at approximately $4,886,000. California State Teachers Retirement System raised its stake in Nurix Therapeutics by 45.6% in the first quarter. California State Teachers Retirement System now owns 99,042 shares of the company’s stock valued at $1,535,000 after buying an additional 31,023 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Nurix Therapeutics by 4.0% in the first quarter. The Manufacturers Life Insurance Company now owns 179,177 shares of the company’s stock valued at $2,777,000 after buying an additional 6,813 shares during 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.