Nurix Therapeutics (NASDAQ:NRIX) Sets New 12-Month High – Here’s Why

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) reached a new 52-week high on Wednesday . The stock traded as high as $25.40 and last traded at $25.01, with a volume of 95594 shares traded. The stock had previously closed at $24.69.

Trending Headlines about Nurix Therapeutics

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

• Positive Sentiment: Sanofi milestone payment: Nurix will receive a $10 million payment after Sanofi initiated a Phase 1 trial of the oral STAT6 degrader SAR448272/NX-3911 for type 2 inflammatory diseases. Nurix has now earned approximately $139 million from the collaboration and remains eligible for about $453 million in additional milestones, plus potential royalties and a U.S. co-development option. Nurix Announces $10 Million Milestone Payment Associated with Initiation of a Phase 1 Clinical Trial of a STAT6 Degrader
• Positive Sentiment: Phase 3 CLL trial begins: Nurix enrolled the first patient in the registrational DAYBreak CLL-306 trial of bexobrutideg in relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma. The study is designed to test whether the drug is superior to pirtobrutinib, advancing Nurix’s lead cancer program toward a potential registration application. Nurix Announces First Patient Enrolled in Phase 3 DAYBreak CLL-306 Trial
• Positive Sentiment: Analyst support: Needham reaffirmed its “buy” rating and set a $34 price target, implying substantial upside from the recently quoted share price. This may help support sentiment following the clinical and partnership updates. Needham Reaffirms Buy Rating on Nurix Therapeutics
• Negative Sentiment: Insider selling: CFO Houte Hans Van sold 4,761 shares worth approximately $116,000, while insider Gwenn Hansen sold 4,111 shares worth about $100,000. Both transactions were conducted under pre-arranged Rule 10b5-1 plans, reducing their significance as discretionary bearish signals, but the sales could still weigh modestly on sentiment.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on NRIX shares. Stifel Nicolaus upped their target price on Nurix Therapeutics from $34.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Mizuho lifted their target price on Nurix Therapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. UBS Group boosted their price target on Nurix Therapeutics from $23.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Robert W. Baird increased their price target on Nurix Therapeutics from $26.00 to $33.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Finally, Truist Financial raised their price objective on shares of Nurix Therapeutics from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Friday, July 10th. Thirteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Nurix Therapeutics Price Performance

The company’s fifty day simple moving average is $20.80 and its two-hundred day simple moving average is $17.92. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -7.15 and a beta of 1.79.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings data on Thursday, July 9th. The company reported ($0.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.08). The business had revenue of $9.04 million during the quarter, compared to the consensus estimate of $15.29 million. Nurix Therapeutics had a negative net margin of 928.44% and a negative return on equity of 76.09%. On average, analysts forecast that Nurix Therapeutics, Inc. will post -2.84 earnings per share for the current year.

Insider Transactions at Nurix Therapeutics

In related news, CFO Houte Hans Van sold 4,761 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $24.36, for a total value of $115,977.96. Following the transaction, the chief financial officer owned 40,166 shares of the company’s stock, valued at approximately $978,443.76. This trade represents a 10.60% decrease in their position. The sale 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 4,111 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $24.36, for a total transaction of $100,143.96. Following the completion of the transaction, the insider directly owned 117,227 shares in the company, valued at approximately $2,855,649.72. The trade was a 3.39% 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 sold a total of 20,958 shares of company stock worth $480,461 in the last 90 days. 6.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Walleye Capital LLC bought a new stake in Nurix Therapeutics during the second quarter worth $378,000. Handelsbanken Fonder AB lifted its stake in Nurix Therapeutics by 15.7% during the 2nd quarter. Handelsbanken Fonder AB now owns 633,000 shares of the company’s stock valued at $15,357,000 after acquiring an additional 86,000 shares in the last quarter. Perceptive Advisors LLC boosted its holdings in Nurix Therapeutics by 4.4% during the 1st quarter. Perceptive Advisors LLC now owns 3,710,877 shares of the company’s stock worth $57,519,000 after acquiring an additional 155,000 shares during the last quarter. Bank of America Corp DE boosted its holdings in Nurix Therapeutics by 8.9% during the 1st quarter. Bank of America Corp DE now owns 802,153 shares of the company’s stock worth $12,433,000 after acquiring an additional 65,595 shares during the last quarter. Finally, Stempoint Capital LP bought a new stake in shares of Nurix Therapeutics in the 1st quarter worth $4,886,000.

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.