BTIG Research Reiterates Buy Rating for Nurix Therapeutics (NASDAQ:NRIX)

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating reaffirmed by research analysts at BTIG Research in a report issued on Thursday,Benzinga reports. They currently have a $30.00 price objective on the stock. BTIG Research’s price objective points to a potential upside of 81.60% from the company’s previous close.

Other analysts also recently issued research reports about the company. Stifel Nicolaus set a $33.00 price objective on Nurix Therapeutics in a report on Friday, October 10th. Morgan Stanley set a $36.00 price target on shares of Nurix Therapeutics and gave the company an “overweight” rating in a report on Thursday, January 8th. Needham & Company LLC restated a “buy” rating and issued a $26.00 price target on shares of Nurix Therapeutics in a research report on Thursday. Wall Street Zen cut shares of Nurix Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Saturday, October 11th. Finally, Wells Fargo & Company increased their target price on Nurix Therapeutics from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $29.50.

Nurix Therapeutics Stock Performance

NASDAQ NRIX opened at $16.52 on Thursday. Nurix Therapeutics has a 1 year low of $8.18 and a 1 year high of $22.50. The business’s fifty day moving average is $18.50 and its two-hundred day moving average is $13.36. The stock has a market capitalization of $1.27 billion, a P/E ratio of -5.43 and a beta of 1.93.

Nurix Therapeutics (NASDAQ:NRIX) last issued its earnings results on Wednesday, January 28th. The company reported ($0.82) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.02. The business had revenue of $13.58 million for the quarter, compared to analysts’ expectations of $13.41 million. Nurix Therapeutics had a negative return on equity of 57.51% and a negative net margin of 314.90%. On average, research analysts forecast that Nurix Therapeutics will post -2.99 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Houte Hans Van sold 3,661 shares of Nurix Therapeutics stock in a transaction on Friday, January 30th. The stock was sold at an average price of $16.60, for a total transaction of $60,772.60. Following the completion of the sale, the chief financial officer owned 45,427 shares of the company’s stock, valued at approximately $754,088.20. This trade represents a 7.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Gwenn Hansen sold 4,895 shares of the business’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $16.60, for a total value of $81,257.00. Following the completion of the transaction, the insider owned 83,672 shares in the company, valued at $1,388,955.20. This trade represents a 5.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 14,840 shares of company stock valued at $220,957 in the last three months. Company insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wexford Capital LP acquired a new stake in shares of Nurix Therapeutics during the 3rd quarter valued at about $41,000. Tower Research Capital LLC TRC raised its position in Nurix Therapeutics by 118.3% during the second quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company’s stock valued at $73,000 after acquiring an additional 3,475 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Nurix Therapeutics by 66.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,926 shares of the company’s stock valued at $93,000 after acquiring an additional 1,970 shares during the last quarter. Sherbrooke Park Advisers LLC bought a new stake in Nurix Therapeutics in the third quarter worth approximately $100,000. Finally, 49 Wealth Management LLC acquired a new position in shares of Nurix Therapeutics during the 3rd quarter worth $108,000.

Key Headlines Impacting Nurix Therapeutics

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

• Positive Sentiment: Royal Bank of Canada raised its price target on NRIX to $30 and maintained an outperform view, signaling significant upside versus the current stock level. RBC increases price target to $30
• Positive Sentiment: Needham & Company reaffirmed a “buy” rating with a $26 target and BTIG reiterated a buy with a $30 target — multiple brokerages maintaining bullish outlooks provide support for upside expectations. Needham and BTIG ratings
• Negative Sentiment: Insiders sold shares on Jan. 30: Gwenn Hansen sold 4,895 shares at ~$16.60 and CFO Houte Hans Van sold 3,661 shares at ~$16.60. Insider sales can be viewed negatively by the market because they reduce insider ownership and may signal cashing out. SEC filings: Hansen Form 4 and Van Form 4
• Negative Sentiment: TipRanks highlighted a newly disclosed material foreign?exchange risk for Nurix due to unhedged currency exposure, which could increase earnings volatility and raise capital?markets uncertainty. TipRanks: FX risk disclosed

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.