Nurix Therapeutics (NASDAQ:NRIX) Coverage Initiated at Truist Financial

Stock analysts at Truist Financial began coverage on shares of Nurix Therapeutics (NASDAQ:NRIX) in a research note issued on Monday, Marketbeat.com reports. The firm set a “buy” rating and a $30.00 price target on the stock. Truist Financial’s price objective points to a potential upside of 72.98% from the stock’s current price.

A number of other brokerages have also issued reports on NRIX. BTIG Research reiterated a “buy” rating and issued a $27.00 price target on shares of Nurix Therapeutics in a research note on Tuesday, November 4th. Morgan Stanley cut their target price on Nurix Therapeutics from $16.00 to $15.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Wednesday, October 8th. Piper Sandler dropped their price target on Nurix Therapeutics from $35.00 to $32.00 and set an “overweight” rating for the company in a research note on Friday, October 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $26.00 price objective on shares of Nurix Therapeutics in a research report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $26.88.

Nurix Therapeutics Stock Performance

Shares of Nurix Therapeutics stock traded up $0.58 on Monday, hitting $17.34. 575,200 shares of the company’s stock were exchanged, compared to its average volume of 1,022,919. Nurix Therapeutics has a 1 year low of $8.18 and a 1 year high of $23.00. The company has a 50-day simple moving average of $10.85 and a 200-day simple moving average of $10.88. The stock has a market capitalization of $1.33 billion, a PE ratio of -5.84 and a beta of 2.30.

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

Insider Buying and Selling

In other news, insider Gwenn Hansen sold 4,087 shares of the business’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $12.80, for a total transaction of $52,313.60. Following the transaction, the insider owned 76,751 shares of the company’s stock, valued at approximately $982,412.80. The trade was a 5.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Houte Hans Van sold 6,284 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $12.56, for a total value of $78,927.04. Following the sale, the chief financial officer owned 37,592 shares in the company, valued at $472,155.52. The trade was a 14.32% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 13,501 shares of company stock valued at $171,305. Company insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

Several institutional investors have recently made changes to their positions in NRIX. Vanguard Group Inc. grew its holdings in Nurix Therapeutics by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 4,488,776 shares of the company’s stock valued at $41,476,000 after purchasing an additional 23,269 shares during the last quarter. Vestal Point Capital LP boosted its position in shares of Nurix Therapeutics by 73.8% during the third quarter. Vestal Point Capital LP now owns 3,475,000 shares of the company’s stock valued at $32,109,000 after buying an additional 1,475,000 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in shares of Nurix Therapeutics by 2.0% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,428,283 shares of the company’s stock valued at $28,849,000 after buying an additional 47,855 shares during the period. Geode Capital Management LLC grew its stake in shares of Nurix Therapeutics by 9.1% during the second quarter. Geode Capital Management LLC now owns 1,881,960 shares of the company’s stock valued at $21,437,000 after buying an additional 157,592 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Nurix Therapeutics by 11.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,557,479 shares of the company’s stock worth $14,391,000 after buying an additional 165,841 shares during the period.

Nurix Therapeutics Company Profile

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.