Nurix Therapeutics (NASDAQ:NRIX) Hits New 1-Year High Following Analyst Upgrade

Nurix Therapeutics, Inc. (NASDAQ:NRIX) reached a new 52-week high on Tuesday after Royal Bank Of Canada raised their price target on the stock from $33.00 to $36.00. Royal Bank Of Canada currently has an outperform rating on the stock. Nurix Therapeutics traded as high as $26.04 and last traded at $25.88, with a volume of 898904 shares changing hands. The stock had previously closed at $25.53.

Several other research analysts also recently commented on NRIX. Wall Street Zen raised Nurix Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Mizuho lifted their target price on shares of Nurix Therapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. UBS Group upped their target price on shares of Nurix Therapeutics from $23.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $34.00 target price on shares of Nurix Therapeutics in a research report on Tuesday, August 4th. Finally, Jefferies Financial Group increased their target price on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, June 8th. Thirteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $34.21.

Insider Transactions at Nurix Therapeutics

In other news, CFO Houte Hans Van sold 4,761 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $24.36, for a total transaction of $115,977.96. Following the completion of the sale, the chief financial officer owned 40,166 shares in the company, valued at $978,443.76. This trade represents a 10.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 5,394 shares of Nurix Therapeutics stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $20.00, for a total transaction of $107,880.00. Following the sale, the insider directly owned 115,005 shares in the company, valued at approximately $2,300,100. The trade was a 4.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 25,314 shares of company stock worth $589,361 over the last ninety days. 6.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Nurix Therapeutics

A number of hedge funds have recently modified their holdings of the business. EP Wealth Advisors LLC acquired a new stake in shares of Nurix Therapeutics during the 2nd quarter worth about $214,000. Ieq Capital LLC acquired a new position in Nurix Therapeutics in the second quarter valued at about $252,000. E Fund Management Co. Ltd. acquired a new position in Nurix Therapeutics in the second quarter valued at about $234,000. Edmond DE Rothschild Holding S.A. purchased a new position in Nurix Therapeutics during the second quarter worth about $2,183,000. Finally, BlackRock Inc. purchased a new position in Nurix Therapeutics during the second quarter worth about $212,769,000.

Nurix Therapeutics Stock Up 2.6%

The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of -7.72 and a beta of 1.79. The business’s 50-day simple moving average is $21.85 and its two-hundred day simple moving average is $18.20.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.08). The company had revenue of $9.04 million during the quarter, compared to analysts’ expectations of $15.29 million. Nurix Therapeutics had a negative net margin of 928.44% and a negative return on equity of 76.09%. Sell-side analysts anticipate that Nurix Therapeutics, Inc. will post -2.73 earnings per share for the current year.

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.