Brokerages Set Nurix Therapeutics, Inc. (NASDAQ:NRIX) Target Price at $30.46

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) have been assigned an average recommendation of “Moderate Buy” from the fifteen brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $30.4615.

A number of brokerages have recently issued reports on NRIX. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 target price on shares of Nurix Therapeutics in a report on Monday, April 27th. Piper Sandler lifted their price target on Nurix Therapeutics from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, January 29th. Needham & Company LLC reissued a “buy” rating and set a $26.00 price target on shares of Nurix Therapeutics in a research report on Thursday, April 23rd. Royal Bank Of Canada upped their price objective on Nurix Therapeutics from $28.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, January 29th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Nurix Therapeutics in a research report on Thursday, January 29th.

Nurix Therapeutics Trading Down 3.6%

NASDAQ:NRIX opened at $16.28 on Friday. The stock has a market capitalization of $1.68 billion, a PE ratio of -5.15 and a beta of 1.87. Nurix Therapeutics has a 1-year low of $8.19 and a 1-year high of $22.50. The firm has a fifty day simple moving average of $15.88 and a 200 day simple moving average of $16.22.

Nurix Therapeutics (NASDAQ:NRIX) last posted its quarterly earnings results on Wednesday, April 8th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.03). Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%.The firm had revenue of $6.25 million for the quarter, compared to the consensus estimate of $14.25 million. On average, equities analysts predict that Nurix Therapeutics will post -2.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Houte Hans Van sold 14,055 shares of the stock in a transaction 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 approximately $624,027.20. This represents a 27.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 3,214 shares of Nurix Therapeutics stock in a transaction 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 transaction, the insider directly owned 120,399 shares of the company’s stock, valued at approximately $2,004,643.35. This trade represents a 2.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 19,657 shares of company stock worth $326,586. 6.70% of the stock is owned by company insiders.

Institutional Trading of Nurix Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of NRIX. Vanguard Group Inc. grew its stake 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 last quarter. General Atlantic L.P. bought a new stake in shares of Nurix Therapeutics during the fourth quarter worth approximately $92,899,000. Morgan Stanley boosted its holdings in shares of Nurix Therapeutics by 115.9% during the fourth quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock worth $92,594,000 after acquiring an additional 2,620,323 shares during the period. Vestal Point Capital LP grew its position in shares of Nurix Therapeutics by 35.0% in the fourth quarter. Vestal Point Capital LP now owns 4,690,000 shares of the company’s stock valued at $88,969,000 after purchasing an additional 1,215,000 shares during the last quarter. Finally, Baker BROS. Advisors LP grew its position in shares of Nurix Therapeutics by 20.0% in the fourth quarter. Baker BROS. Advisors LP now owns 4,658,556 shares of the company’s stock valued at $88,373,000 after purchasing an additional 776,431 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.