Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Up – What’s Next?

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) gapped up before the market opened on Monday . The stock had previously closed at $14.64, but opened at $16.73. Nurix Therapeutics shares last traded at $16.0510, with a volume of 9,275,314 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on NRIX shares. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Nurix Therapeutics in a research report on Monday, April 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nurix Therapeutics in a research report on Tuesday, April 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $26.00 price target on shares of Nurix Therapeutics in a report on Thursday, April 23rd. Wells Fargo & Company reduced their price target on Nurix Therapeutics from $29.00 to $28.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Finally, BTIG Research reiterated a “buy” rating and set a $30.00 price objective on shares of Nurix Therapeutics in a report on Monday, May 18th. One 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 stock. According to MarketBeat.com, Nurix Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $30.46.

Nurix Therapeutics Stock Up 7.7%

The firm has a market cap of $1.63 billion, a PE ratio of -4.99 and a beta of 1.86. The stock has a 50 day moving average price of $16.33 and a two-hundred day moving average price of $16.88.

Nurix Therapeutics (NASDAQ:NRIX) last released its earnings results on Wednesday, April 8th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.03). The company had revenue of $6.25 million during the quarter, compared to analyst estimates of $14.25 million. Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%. As a group, equities analysts anticipate that Nurix Therapeutics, Inc. will post -2.94 earnings per share for the current year.

Insider Activity at Nurix Therapeutics

In other news, insider Gwenn Hansen sold 3,214 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $16.65, for a total value of $53,513.10. Following the completion of the sale, the insider directly owned 120,399 shares in the company, valued at $2,004,643.35. The trade was a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 14,055 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $16.60, for a total value of $233,313.00. Following the completion of the sale, the chief financial officer owned 37,592 shares of the company’s stock, valued at $624,027.20. This trade represents a 27.21% 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. Over the last three months, insiders sold 19,657 shares of company stock worth $326,586. 6.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Nurix Therapeutics by 32.5% during the fourth quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company’s stock valued at $112,862,000 after purchasing an additional 1,460,736 shares in the last quarter. General Atlantic L.P. purchased a new stake in shares of Nurix Therapeutics during the fourth quarter worth about $92,899,000. Morgan Stanley raised its position in shares of Nurix Therapeutics by 115.9% during the 4th quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock worth $92,594,000 after purchasing an additional 2,620,323 shares during the last quarter. Vestal Point Capital LP raised 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 purchasing an additional 1,215,000 shares during the last quarter. Finally, Baker BROS. Advisors LP lifted 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.

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.