Nurix Therapeutics (NASDAQ:NRIX) Trading Up 10.9% – Time to Buy?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) rose 10.9% during trading on Wednesday . The stock traded as high as $15.99 and last traded at $16.0110. Approximately 572,608 shares were traded during trading, a decline of 49% from the average daily volume of 1,123,446 shares. The stock had previously closed at $14.44.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Thursday, January 22nd. Mizuho raised their price objective on shares of Nurix Therapeutics from $24.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. Needham & Company LLC reiterated a “buy” rating and set a $26.00 price objective on shares of Nurix Therapeutics in a research report on Thursday, January 29th. Wells Fargo & Company cut their target price on shares of Nurix Therapeutics from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Thursday, January 29th. Finally, Stifel Nicolaus increased their target price on Nurix Therapeutics from $33.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $30.54.

Nurix Therapeutics Trading Up 6.8%

The business’s fifty day moving average price is $16.47 and its two-hundred day moving average price is $14.76. The firm has a market cap of $1.59 billion, a P/E ratio of -5.07 and a beta of 1.96.

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

Insider Activity at Nurix Therapeutics

In other Nurix Therapeutics news, insider Gwenn Hansen sold 4,895 shares of Nurix Therapeutics stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $16.60, for a total transaction 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. The trade was a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Houte Hans Van sold 3,661 shares of the company’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $16.60, for a total value of $60,772.60. Following the completion of the sale, the chief financial officer owned 45,427 shares in the company, valued at $754,088.20. This trade represents a 7.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On Nurix Therapeutics

Several institutional investors have recently added to or reduced their stakes in NRIX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Nurix Therapeutics by 11.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,804 shares of the company’s stock worth $593,000 after buying an additional 5,286 shares during the last quarter. Millennium Management LLC raised its stake in shares of Nurix Therapeutics by 106.2% in the first quarter. Millennium Management LLC now owns 874,399 shares of the company’s stock valued at $10,388,000 after acquiring an additional 450,262 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Nurix Therapeutics by 9.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 507,471 shares of the company’s stock worth $6,029,000 after acquiring an additional 44,002 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Nurix Therapeutics by 8.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,530 shares of the company’s stock worth $1,895,000 after acquiring an additional 12,817 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Nurix Therapeutics by 9.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,881,960 shares of the company’s stock worth $21,437,000 after acquiring an additional 157,592 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.