Nurix Therapeutics (NASDAQ:NRIX) Reaches New 1-Year High – Still a Buy?

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $25.40 and last traded at $25.01, with a volume of 95594 shares traded. The stock had previously closed at $24.69.

Key Headlines Impacting Nurix Therapeutics

Here are the key news stories impacting Nurix Therapeutics this week:

• Positive Sentiment: Sanofi milestone payment: Nurix will receive a $10 million payment after Sanofi initiated a Phase 1 trial of the oral STAT6 degrader SAR448272/NX-3911 for type 2 inflammatory diseases. Nurix has now earned approximately $139 million from the collaboration and remains eligible for about $453 million in additional milestones, plus potential royalties and a U.S. co-development option. Nurix Announces $10 Million Milestone Payment Associated with Initiation of a Phase 1 Clinical Trial of a STAT6 Degrader
• Positive Sentiment: Phase 3 CLL trial begins: Nurix enrolled the first patient in the registrational DAYBreak CLL-306 trial of bexobrutideg in relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma. The study is designed to test whether the drug is superior to pirtobrutinib, advancing Nurix’s lead cancer program toward a potential registration application. Nurix Announces First Patient Enrolled in Phase 3 DAYBreak CLL-306 Trial
• Positive Sentiment: Analyst support: Needham reaffirmed its “buy” rating and set a $34 price target, implying substantial upside from the recently quoted share price. This may help support sentiment following the clinical and partnership updates. Needham Reaffirms Buy Rating on Nurix Therapeutics
• Negative Sentiment: Insider selling: CFO Houte Hans Van sold 4,761 shares worth approximately $116,000, while insider Gwenn Hansen sold 4,111 shares worth about $100,000. Both transactions were conducted under pre-arranged Rule 10b5-1 plans, reducing their significance as discretionary bearish signals, but the sales could still weigh modestly on sentiment.

Analysts Set New Price Targets

A number of analysts have weighed in on NRIX shares. Jefferies Financial Group boosted their target price on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Wall Street Zen raised Nurix Therapeutics from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nurix Therapeutics in a research note on Friday, July 17th. UBS Group boosted their price target on Nurix Therapeutics from $23.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Oppenheimer initiated coverage on Nurix Therapeutics in a research note on Monday, June 29th. They issued an “outperform” rating and a $28.00 price objective for the company. Thirteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Nurix Therapeutics Stock Down 0.1%

The company has a market cap of $2.56 billion, a P/E ratio of -7.15 and a beta of 1.79. The firm’s 50 day moving average is $20.80 and its two-hundred day moving average is $17.92.

Nurix Therapeutics (NASDAQ:NRIX) last announced its earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($0.08). The company had revenue of $9.04 million for the quarter, compared to the consensus estimate of $15.29 million. Nurix Therapeutics had a negative return on equity of 76.09% and a negative net margin of 928.44%. As a group, research analysts forecast that Nurix Therapeutics, Inc. will post -2.84 EPS for the current fiscal year.

Insider Activity

In other news, CFO Houte Hans Van sold 4,761 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $24.36, for a total transaction of $115,977.96. Following the completion of the transaction, the chief financial officer directly owned 40,166 shares in the company, valued at $978,443.76. This trade represents a 10.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 4,111 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $24.36, for a total value of $100,143.96. Following the transaction, the insider owned 117,227 shares of the company’s stock, valued at $2,855,649.72. This trade represents a 3.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 20,958 shares of company stock valued at $480,461. Insiders own 6.70% of the company’s stock.

Institutional Inflows and Outflows

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

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.