Nurix Therapeutics (NASDAQ:NRIX) Sets New 12-Month High Following Analyst Upgrade

Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares reached a new 52-week high on Tuesday after Royal Bank Of Canada raised their price target on the stock from $33.00 to $36.00. Royal Bank Of Canada currently has an outperform rating on the stock. Nurix Therapeutics traded as high as $26.04 and last traded at $25.88, with a volume of 898904 shares traded. The stock had previously closed at $25.53.

Other equities research analysts also recently issued reports about the company. UBS Group upped their target price on Nurix Therapeutics from $23.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. HC Wainwright lifted their price target on Nurix Therapeutics from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Wells Fargo & Company downgraded Nurix Therapeutics from an “overweight” rating to a “hold” rating and cut their price objective for the stock from $28.00 to $25.00 in a report on Monday, June 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nurix Therapeutics in a research note on Friday, July 17th. Finally, Jefferies Financial Group raised their target price on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.21.

Insiders Place Their Bets

In related news, CFO Houte Hans Van sold 4,761 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $24.36, for a total value of $115,977.96. Following the completion of the sale, the chief financial officer directly owned 40,166 shares of the company’s stock, valued at approximately $978,443.76. This represents a 10.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 4,356 shares of Nurix Therapeutics stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $25.00, for a total value of $108,900.00. Following the transaction, the insider directly owned 117,227 shares in the company, valued at approximately $2,930,675. This trade represents a 3.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 25,314 shares of company stock valued at $589,361 in the last 90 days. Corporate insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Larson Financial Group LLC lifted its position in Nurix Therapeutics by 339.0% in the 4th quarter. Larson Financial Group LLC now owns 1,541 shares of the company’s stock worth $29,000 after buying an additional 1,190 shares in the last quarter. Intesa Sanpaolo Wealth Management purchased a new position in shares of Nurix Therapeutics during the 4th quarter valued at $31,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Nurix Therapeutics in the fourth quarter worth $33,000. KBC Group NV acquired a new position in shares of Nurix Therapeutics in the first quarter worth $34,000. Finally, Wexford Capital LP purchased a new stake in shares of Nurix Therapeutics during the third quarter worth $41,000.

Nurix Therapeutics Price Performance

The firm has a market capitalization of $2.69 billion, a PE ratio of -7.52 and a beta of 1.79. The company has a fifty day moving average of $21.62 and a 200-day moving average of $18.15.

Nurix Therapeutics (NASDAQ:NRIX) last issued its earnings results on Thursday, July 9th. The company reported ($0.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.08). Nurix Therapeutics had a negative net margin of 928.44% and a negative return on equity of 76.09%. The firm had revenue of $9.04 million during the quarter, compared to analysts’ expectations of $15.29 million. Equities analysts anticipate that Nurix Therapeutics, Inc. will post -2.73 EPS for the current year.

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.