Nurix Therapeutics (NASDAQ:NRIX) Sees Strong Trading Volume After Analyst Upgrade

Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares saw unusually-high trading volume on Tuesday after BTIG Research raised their price target on the stock from $30.00 to $32.00. BTIG Research currently has a buy rating on the stock. Approximately 1,196,713 shares changed hands during trading, a decline of 9% from the previous session’s volume of 1,312,589 shares.The stock last traded at $15.1830 and had previously closed at $15.64.

A number of other equities analysts have also issued reports on the company. Truist Financial set a $32.00 price target on Nurix Therapeutics in a research note on Monday. Needham & Company LLC boosted their price target on shares of Nurix Therapeutics from $26.00 to $34.00 and gave the company a “buy” rating in a report on Monday. Wells Fargo & Company downgraded Nurix Therapeutics from an “overweight” rating to a “hold” rating and reduced their price objective for the stock from $28.00 to $25.00 in a research note on Monday. Jefferies Financial Group increased their target price on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday. Finally, HC Wainwright reiterated a “buy” rating and set a $32.00 price target on shares of Nurix Therapeutics in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Nurix Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $32.14.

Insider Buying and Selling

In other news, CFO Houte Hans Van sold 14,055 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $16.60, for a total transaction of $233,313.00. Following the transaction, the chief financial officer owned 37,592 shares in the company, valued at approximately $624,027.20. The trade was a 27.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 3,214 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $16.65, for a total value of $53,513.10. Following the transaction, the insider owned 120,399 shares in the company, valued at $2,004,643.35. This represents a 2.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 19,657 shares of company stock worth $326,586 in the last ninety days. Insiders own 6.70% of the company’s stock.

More Nurix Therapeutics News

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

• Positive Sentiment: Nurix announced a global collaboration with Roche to co-develop and co-commercialize bexobrutideg, with a $700 million upfront payment and up to $2.3 billion in total potential milestones, which materially strengthens the company’s financial and strategic outlook. Article: Nurix Therapeutics Announces Global Collaboration with Roche…
• Positive Sentiment: Multiple analysts raised price targets after the Roche deal, including BTIG to $32, Jefferies to $45, and Needham to $34, signaling increased confidence in Nurix’s upside. Article: Analyst price target updates
• Positive Sentiment: Roche’s agreement expands the potential use of bexobrutideg beyond blood cancers into immunology and neurology, which broadens the commercial opportunity and supports the stock’s recent advance. Article: Roche, Nurix Team Up to Advance BTK Degrader Bexobrutideg
• Neutral Sentiment: A Zacks note said the stock’s recent jump came on heavy trading volume, but warned that earnings estimate revisions may limit near-term follow-through. Article: Strength Seen in Nurix Therapeutics (NRIX)
• Negative Sentiment: Wells Fargo downgraded Nurix to “hold” and lowered its price target to $25, indicating some analysts still see execution or valuation risk despite the Roche announcement. Article: Wells Fargo downgrade

Hedge Funds Weigh In On Nurix Therapeutics

A number of hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC raised its stake in Nurix Therapeutics by 339.0% during the fourth quarter. Larson Financial Group LLC now owns 1,541 shares of the company’s stock worth $29,000 after acquiring an additional 1,190 shares in the last quarter. Intesa Sanpaolo Wealth Management bought a new position in Nurix Therapeutics in the 4th quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Nurix Therapeutics during the fourth quarter valued at $33,000. KBC Group NV acquired a new position in Nurix Therapeutics during the 1st quarter valued at about $34,000. Finally, Wexford Capital LP bought a new position in Nurix Therapeutics in the third quarter valued at approximately $41,000.

Nurix Therapeutics Stock Performance

The firm has a market capitalization of $1.61 billion, a P/E ratio of -4.88 and a beta of 1.86. The company has a 50-day moving average price of $16.33 and a 200-day moving average price of $16.91.

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