BTIG Research Increases Nurix Therapeutics (NASDAQ:NRIX) Price Target to $32.00

Nurix Therapeutics (NASDAQ:NRIX) had its price objective upped by investment analysts at BTIG Research from $30.00 to $32.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective would suggest a potential upside of 104.60% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. Needham & Company LLC boosted their price target on Nurix Therapeutics from $26.00 to $34.00 and gave the company a “buy” rating in a report on Monday. HC Wainwright reissued a “buy” rating and set a $32.00 target price on shares of Nurix Therapeutics in a research note on Monday, April 27th. Truist Financial set a $32.00 target price on shares of Nurix Therapeutics in a research note on Monday. Wells Fargo & Company lowered shares of Nurix Therapeutics from an “overweight” rating to a “hold” rating and lowered their target price for the stock from $28.00 to $25.00 in a research note on Monday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Nurix Therapeutics in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Nurix Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $32.14.

Nurix Therapeutics Stock Up 6.8%

Nurix Therapeutics stock opened at $15.64 on Tuesday. Nurix Therapeutics has a 52 week low of $8.19 and a 52 week high of $22.50. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -4.95 and a beta of 1.86. The stock has a 50-day moving average price of $16.33 and a 200 day moving average price of $16.91.

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). 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 analyst estimates of $14.25 million. Research analysts anticipate that Nurix Therapeutics will post -2.94 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Houte Hans Van sold 14,055 shares of Nurix Therapeutics stock in a transaction 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 sale, the chief financial officer owned 37,592 shares of the company’s stock, valued at approximately $624,027.20. This trade represents a 27.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $16.65, for a total transaction 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. This represents a 2.60% decrease in their position. 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. Insiders sold a total of 19,657 shares of company stock worth $326,586 in the last three months. 6.70% of the stock is owned by corporate insiders.

Institutional Trading of Nurix Therapeutics

Several large investors have recently made changes to their positions in the company. Perceptive Advisors LLC increased its position in shares of Nurix Therapeutics by 4.4% during the first quarter. Perceptive Advisors LLC now owns 3,710,877 shares of the company’s stock worth $57,519,000 after purchasing an additional 155,000 shares in the last quarter. Bank of America Corp DE increased its position in shares of Nurix Therapeutics by 8.9% during the first quarter. Bank of America Corp DE now owns 802,153 shares of the company’s stock worth $12,433,000 after purchasing an additional 65,595 shares in the last quarter. Stempoint Capital LP purchased a new stake in shares of Nurix Therapeutics during the first quarter worth approximately $4,886,000. California State Teachers Retirement System increased its position in shares of Nurix Therapeutics by 45.6% during the first quarter. California State Teachers Retirement System now owns 99,042 shares of the company’s stock worth $1,535,000 after purchasing an additional 31,023 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Nurix Therapeutics by 4.0% during the first quarter. The Manufacturers Life Insurance Company now owns 179,177 shares of the company’s stock worth $2,777,000 after purchasing an additional 6,813 shares in the last quarter.

Nurix Therapeutics News Roundup

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

• Positive Sentiment: Nurix signed a global collaboration and licensing deal with Roche that includes a $700 million upfront payment and up to $2.3 billion in total potential milestone and sales-related payments. Article Title
• Positive Sentiment: The agreement gives Nurix and Roche a path to jointly develop and commercialize bexobrutideg in malignant hematology, with additional expansion plans into immunology and neurology, broadening the drug’s commercial potential. Article Title
• Positive Sentiment: Analysts reacted favorably, with several firms raising price targets after the Roche partnership, signaling higher confidence in Nurix’s pipeline and longer-term commercialization prospects. Article Title
• Neutral Sentiment: Roche will share development costs and take the larger share of those expenses, while U.S. profits and losses will be split equally and Nurix will receive royalties on ex-U.S. sales, which limits near-term dilution concerns but also shares economics. Article Title
• Negative Sentiment: One analyst note lowered a price target, showing that while sentiment is broadly positive, expectations remain mixed on execution and valuation after the stock’s sharp move higher. Article Title

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.