Nurix Therapeutics (NASDAQ:NRIX) Shares Up 10.4% – Should You Buy?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) rose 10.4% on Wednesday . The company traded as high as $14.40 and last traded at $13.9950. Approximately 377,895 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 1,007,058 shares. The stock had previously closed at $12.68.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Piper Sandler dropped their price target on shares of Nurix Therapeutics from $35.00 to $32.00 and set an “overweight” rating for the company in a research report on Friday, October 10th. Stifel Nicolaus set a $33.00 target price on Nurix Therapeutics in a report on Friday, October 10th. Mizuho started coverage on Nurix Therapeutics in a research report on Tuesday, October 21st. They set an “outperform” rating and a $24.00 target price for the company. Wall Street Zen lowered Nurix Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Saturday, October 11th. Finally, HC Wainwright dropped their price objective on Nurix Therapeutics from $33.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $26.67.

Nurix Therapeutics Trading Up 11.7%

The stock has a market cap of $1.09 billion, a price-to-earnings ratio of -4.76 and a beta of 2.30. The firm has a fifty day simple moving average of $10.46 and a 200-day simple moving average of $10.76.

Nurix Therapeutics (NASDAQ:NRIX) last released its earnings results on Thursday, October 9th. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.19). Nurix Therapeutics had a negative return on equity of 53.57% and a negative net margin of 292.50%.The firm had revenue of $7.89 million for the quarter, compared to the consensus estimate of $16.06 million. On average, equities analysts predict that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current fiscal year.

Insider Transactions at Nurix Therapeutics

In other news, insider Gwenn Hansen sold 4,087 shares of the firm’s stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $12.80, for a total value of $52,313.60. Following the transaction, the insider owned 76,751 shares of the company’s stock, valued at approximately $982,412.80. This trade represents a 5.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Houte Hans Van sold 6,284 shares of Nurix Therapeutics stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $12.56, for a total transaction of $78,927.04. Following the sale, the chief financial officer owned 37,592 shares of the company’s stock, valued at approximately $472,155.52. This represents a 14.32% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 13,501 shares of company stock worth $171,305. Corporate insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Wexford Capital LP bought a new stake in Nurix Therapeutics in the third quarter valued at about $41,000. Tower Research Capital LLC TRC increased its stake in shares of Nurix Therapeutics by 118.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company’s stock valued at $73,000 after acquiring an additional 3,475 shares during the last quarter. Velan Capital Investment Management LP acquired a new stake in shares of Nurix Therapeutics in the 2nd quarter valued at approximately $114,000. E Fund Management Co. Ltd. acquired a new stake in shares of Nurix Therapeutics in the 1st quarter valued at approximately $122,000. Finally, Sherbrooke Park Advisers LLC bought a new position in Nurix Therapeutics during the 3rd quarter worth approximately $100,000.

About Nurix Therapeutics

Nurix Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule and cell therapies for the treatment of cancer, inflammatory conditions, and other diseases. The company develops NX-2127, an orally bioavailable Bruton's tyrosine kinase (BTK) degrader for the treatment of relapsed or refractory B-cell malignancies; NX-5948, an orally bioavailable BTK degrader for the treatment of relapsed or refractory B-cell malignancies and autoimmune diseases; and NX-1607, an orally bioavailable Casitas B-lineage lymphoma proto-oncogene-B (CBL-B) inhibitor for immuno-oncology indications.