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

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $34.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 100.59% from the stock’s current price.

NRIX has been the topic of several other research reports. BTIG Research upped their price objective on Nurix Therapeutics from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Nurix Therapeutics in a research note on Tuesday, April 21st. Jefferies Financial Group upped their price objective on Nurix Therapeutics from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Wells Fargo & Company cut Nurix Therapeutics from an “overweight” rating to a “hold” rating and cut their price objective for the company from $28.00 to $25.00 in a research note on Monday, June 8th. Finally, HC Wainwright restated a “buy” rating and set a $32.00 price objective on shares of Nurix Therapeutics in a research note on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Nurix Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $32.14.

Nurix Therapeutics Stock Performance

Shares of NRIX opened at $16.95 on Monday. The company has a market capitalization of $1.75 billion, a P/E ratio of -5.36 and a beta of 1.86. Nurix Therapeutics has a one year low of $8.19 and a one year high of $22.50. The stock has a 50-day moving average price of $16.42 and a 200 day moving average price of $16.91.

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

Insider Activity at Nurix Therapeutics

In other news, insider Gwenn Hansen sold 3,214 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $16.65, for a total transaction of $53,513.10. Following the sale, the insider directly owned 120,399 shares in the company, valued at approximately $2,004,643.35. This represents a 2.60% decrease in their position. The sale was disclosed in a document filed 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 stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $16.60, for a total value of $233,313.00. Following the sale, the chief financial officer owned 37,592 shares in the company, valued at $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 19,657 shares of company stock worth $326,586 in the last 90 days. 6.70% of the stock is currently owned by insiders.

Institutional Trading of Nurix Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in NRIX. Larson Financial Group LLC raised its position in shares of Nurix Therapeutics by 339.0% during the 4th quarter. Larson Financial Group LLC now owns 1,541 shares of the company’s stock worth $29,000 after purchasing an additional 1,190 shares during the period. Intesa Sanpaolo Wealth Management acquired a new stake in shares of Nurix Therapeutics during the 4th quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Nurix Therapeutics during the 4th quarter worth approximately $33,000. KBC Group NV acquired a new stake in shares of Nurix Therapeutics during the 1st quarter worth approximately $34,000. Finally, Wexford Capital LP acquired a new stake in shares of Nurix Therapeutics during the 3rd quarter worth approximately $41,000.

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.