Nurix Therapeutics (NASDAQ:NRIX) Shares Up 10% – Should You Buy?

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) shot up 10% during trading on Tuesday . The company traded as high as $15.86 and last traded at $16.1350. 77,502 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 1,134,880 shares. The stock had previously closed at $14.67.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NRIX. Morgan Stanley set a $36.00 target price on shares of Nurix Therapeutics and gave the stock an “overweight” rating in a report on Thursday, January 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Thursday, January 22nd. BTIG Research restated a “buy” rating and set a $30.00 price target on shares of Nurix Therapeutics in a research report on Thursday, January 29th. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 price target on shares of Nurix Therapeutics in a report on Tuesday, March 24th. Finally, Piper Sandler increased their price objective on Nurix Therapeutics from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.54.

Nurix Therapeutics Price Performance

The firm has a market capitalization of $1.60 billion, a PE ratio of -5.09 and a beta of 1.96. The business’s 50 day moving average is $16.03 and its two-hundred day moving average is $14.97.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings results on Wednesday, January 28th. The company reported ($0.82) EPS for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.02. The business had revenue of $13.58 million during the quarter, compared to analysts’ expectations of $13.41 million. Nurix Therapeutics had a negative net margin of 314.90% and a negative return on equity of 57.51%. Analysts expect that Nurix Therapeutics, Inc. will post -2.99 EPS for the current fiscal year.

Insider Buying and Selling at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 3,661 shares of Nurix Therapeutics stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $16.60, for a total transaction of $60,772.60. Following the completion of the sale, the chief financial officer owned 45,427 shares of the company’s stock, valued at $754,088.20. The trade was a 7.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Gwenn Hansen sold 4,895 shares of Nurix Therapeutics stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $16.60, for a total value of $81,257.00. Following the sale, the insider directly owned 83,672 shares of the company’s stock, valued at approximately $1,388,955.20. This trade represents a 5.53% decrease in their position. The disclosure for this sale is available in the SEC filing. 7.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Several institutional investors have recently modified their holdings of NRIX. Sumitomo Mitsui Trust Group Inc. grew its position in Nurix Therapeutics by 11.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,557,479 shares of the company’s stock valued at $14,391,000 after acquiring an additional 165,841 shares during the last quarter. Affinity Asset Advisors LLC raised its stake in shares of Nurix Therapeutics by 19.4% during the second quarter. Affinity Asset Advisors LLC now owns 967,620 shares of the company’s stock worth $11,021,000 after acquiring an additional 156,951 shares in the last quarter. Bollard Group LLC bought a new stake in shares of Nurix Therapeutics in the 2nd quarter worth approximately $1,398,000. Handelsbanken Fonder AB lifted its holdings in shares of Nurix Therapeutics by 85.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 520,000 shares of the company’s stock worth $4,805,000 after acquiring an additional 240,000 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. boosted its stake in shares of Nurix Therapeutics by 83.8% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 1,389,274 shares of the company’s stock valued at $15,796,000 after purchasing an additional 633,304 shares in 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.