Nurix Therapeutics (NASDAQ:NRIX) Receives “Buy” Rating from Needham & Company LLC

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $34.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 40.36% from the stock’s current price.

NRIX has been the topic of a number of other research reports. 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. Morgan Stanley upped their price objective on Nurix Therapeutics from $36.00 to $38.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 28th. BTIG Research restated a “buy” rating and set a $32.00 price target on shares of Nurix Therapeutics in a research report on Friday, July 10th. Stifel Nicolaus lifted their target price on Nurix Therapeutics from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Friday, July 17th. Thirteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.00.

Nurix Therapeutics Trading Up 4.3%

NASDAQ NRIX traded up $1.00 on Tuesday, hitting $24.22. 172,715 shares of the stock traded hands, compared to its average volume of 1,501,450. The stock has a 50-day moving average of $20.66 and a 200 day moving average of $17.88. Nurix Therapeutics has a twelve month low of $8.19 and a twelve month high of $25.08. The company has a market capitalization of $2.51 billion, a P/E ratio of -7.00 and a beta of 1.79.

Nurix Therapeutics (NASDAQ:NRIX) last released its earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $9.04 million for the quarter, compared to the consensus estimate of $15.29 million. As a group, equities research analysts expect that Nurix Therapeutics will post -2.84 earnings per share for the current year.

Insider Buying and Selling at Nurix Therapeutics

In related news, insider Gwenn Hansen sold 3,847 shares of Nurix Therapeutics stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $23.38, for a total value of $89,942.86. Following the transaction, the insider owned 121,338 shares in the company, valued at $2,836,882.44. This trade represents a 3.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Houte Hans Van sold 2,845 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $23.38, for a total transaction of $66,516.10. Following the sale, the chief financial officer owned 44,927 shares of the company’s stock, valued at $1,050,393.26. This trade represents a 5.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 12,086 shares of company stock valued at $264,339. 6.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Nurix Therapeutics by 32.5% in the 4th quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company’s stock valued at $112,862,000 after buying an additional 1,460,736 shares during the period. General Atlantic L.P. bought a new stake in shares of Nurix Therapeutics in the 4th quarter valued at approximately $92,899,000. Morgan Stanley raised its holdings in shares of Nurix Therapeutics by 115.9% in the 4th quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock worth $92,594,000 after buying an additional 2,620,323 shares in the last quarter. Vestal Point Capital LP lifted its position in shares of Nurix Therapeutics by 35.0% during the 4th quarter. Vestal Point Capital LP now owns 4,690,000 shares of the company’s stock worth $88,969,000 after buying an additional 1,215,000 shares during the period. Finally, Baker BROS. Advisors LP boosted its stake in Nurix Therapeutics by 20.0% in the 4th quarter. Baker BROS. Advisors LP now owns 4,658,556 shares of the company’s stock valued at $88,373,000 after buying an additional 776,431 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.