Needham & Company LLC Reaffirms “Buy” Rating for Nurix Therapeutics (NASDAQ:NRIX)

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They currently have a $26.00 target price on the stock. Needham & Company LLC’s target price would indicate a potential upside of 60.31% from the company’s current price.

NRIX has been the topic of a number of other research reports. BTIG Research restated a “buy” rating and set a $30.00 price target on shares of Nurix Therapeutics in a report on Thursday, January 29th. Piper Sandler raised their price target on shares of Nurix Therapeutics from $32.00 to $35.00 and gave the company an “overweight” rating in a report on Thursday, January 29th. Royal Bank Of Canada lifted their target price on shares of Nurix Therapeutics from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th. Wells Fargo & Company dropped their target price on shares of Nurix Therapeutics from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Thursday, January 29th. Finally, Mizuho lifted their target price on shares of Nurix Therapeutics from $24.00 to $30.00 and gave the stock an “outperform” rating in a report on Wednesday, December 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.54.

Nurix Therapeutics Stock Performance

Shares of Nurix Therapeutics stock traded down $0.13 during midday trading on Wednesday, reaching $16.22. 764,289 shares of the company’s stock traded hands, compared to its average volume of 1,167,662. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -5.33 and a beta of 1.97. The company’s 50 day simple moving average is $15.77 and its 200 day simple moving average is $15.22. Nurix Therapeutics has a 52 week low of $8.18 and a 52 week high of $22.50.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings results on Wednesday, April 8th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.03). The business had revenue of $6.25 million for the quarter, compared to the consensus estimate of $14.25 million. Nurix Therapeutics had a negative net margin of 314.90% and a negative return on equity of 57.51%. As a group, equities research analysts predict that Nurix Therapeutics will post -2.99 earnings per share for the current year.

Insider Buying and Selling at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 3,661 shares of the firm’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 sale, the chief financial officer directly owned 45,427 shares in the company, valued at $754,088.20. This trade represents a 7.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Gwenn Hansen sold 4,895 shares of the firm’s stock in a transaction 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 completion of the sale, the insider owned 83,672 shares in the company, valued at $1,388,955.20. This represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 6.70% of the company’s stock.

Institutional Trading of Nurix Therapeutics

Institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC boosted its position in shares of Nurix Therapeutics by 339.0% during the 4th quarter. Larson Financial Group LLC now owns 1,541 shares of the company’s stock valued at $29,000 after acquiring an additional 1,190 shares in the last quarter. Intesa Sanpaolo Wealth Management bought a new position in shares of Nurix Therapeutics in the fourth quarter worth about $31,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Nurix Therapeutics in the fourth quarter worth about $33,000. Wexford Capital LP bought a new position in shares of Nurix Therapeutics in the third quarter worth about $41,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Nurix Therapeutics by 118.3% during the second quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company’s stock worth $73,000 after buying an additional 3,475 shares during the last quarter.

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.