Nurix Therapeutics (NASDAQ:NRIX) Trading Up 9.4% – Here’s What Happened

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s stock price rose 9.4% on Thursday . The company traded as high as $16.28 and last traded at $16.7390. Approximately 201,757 shares were traded during trading, a decline of 85% from the average daily volume of 1,363,052 shares. The stock had previously closed at $15.30.

Wall Street Analysts Forecast Growth

NRIX has been the subject of a number of research analyst reports. Truist Financial increased their price objective on shares of Nurix Therapeutics from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday. Jefferies Financial Group increased their price objective on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nurix Therapeutics in a research report on Tuesday, April 21st. Wells Fargo & Company cut shares of Nurix Therapeutics from an “overweight” rating to a “hold” rating and lowered their price objective for the stock from $28.00 to $25.00 in a research report on Monday. Finally, Needham & Company LLC increased their price objective on shares of Nurix Therapeutics from $26.00 to $34.00 and gave the stock a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.14.

Nurix Therapeutics Stock Performance

The company’s 50-day simple moving average is $16.36 and its 200 day simple moving average is $16.91. The company has a market cap of $1.71 billion, a PE ratio of -5.20 and a beta of 1.86.

Nurix Therapeutics (NASDAQ:NRIX) last announced its quarterly earnings data on Wednesday, April 8th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.03). Nurix Therapeutics had a negative net margin of 411.37% and a negative return on equity of 64.21%. The company had revenue of $6.25 million during the quarter, compared to analysts’ expectations of $14.25 million. Analysts forecast that Nurix Therapeutics, Inc. will post -2.94 EPS for the current year.

Insider Activity at Nurix Therapeutics

In other Nurix Therapeutics news, insider Gwenn Hansen sold 3,214 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $16.65, for a total value of $53,513.10. Following the sale, the insider directly owned 120,399 shares of the company’s stock, valued at approximately $2,004,643.35. This represents a 2.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Houte Hans Van sold 14,055 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $16.60, for a total transaction of $233,313.00. Following the completion of the sale, the chief financial officer owned 37,592 shares in the company, valued at $624,027.20. The trade was a 27.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 19,657 shares of company stock worth $326,586. 6.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Perceptive Advisors LLC increased its holdings in Nurix Therapeutics by 4.4% in the first quarter. Perceptive Advisors LLC now owns 3,710,877 shares of the company’s stock valued at $57,519,000 after buying an additional 155,000 shares during the last quarter. Bank of America Corp DE boosted its position in shares of 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 in the last quarter. Stempoint Capital LP acquired a new position in shares of Nurix Therapeutics during the 1st quarter worth about $4,886,000. California State Teachers Retirement System increased its holdings in shares of Nurix Therapeutics by 45.6% in the 1st quarter. California State Teachers Retirement System now owns 99,042 shares of the company’s stock valued at $1,535,000 after acquiring an additional 31,023 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in shares of Nurix Therapeutics by 4.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 179,177 shares of the company’s stock worth $2,777,000 after acquiring an additional 6,813 shares in the last quarter.

Nurix Therapeutics Company Profile

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.