Nurix Therapeutics (NASDAQ:NRIX) Sets New 12-Month High – Still a Buy?

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s stock price hit a new 52-week high during mid-day trading 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.

Analyst Ratings Changes

Several brokerages have recently weighed in on NRIX. Oppenheimer started coverage on shares of Nurix Therapeutics in a research note on Monday, June 29th. They issued an “outperform” rating and a $28.00 price objective on the stock. HC Wainwright upped their price objective on Nurix Therapeutics from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Truist Financial boosted their price target on Nurix Therapeutics from $32.00 to $34.00 and gave the company a “buy” rating in a report on Friday, July 10th. Wall Street Zen raised Nurix Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Finally, Royal Bank Of Canada lifted their price target on shares of Nurix Therapeutics from $30.00 to $33.00 and gave the company an “outperform” rating in a report on Friday, July 10th. Thirteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.00.

Nurix Therapeutics Trading Up 0.4%

The firm has a market capitalization of $2.62 billion, a P/E ratio of -7.31 and a beta of 1.79. The company has a 50 day simple moving average of $21.11 and a two-hundred day simple moving average of $18.00.

Nurix Therapeutics (NASDAQ:NRIX) last issued its earnings results 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 company had revenue of $9.04 million for the quarter, compared to the consensus estimate of $15.29 million. Nurix Therapeutics had a negative return on equity of 76.09% and a negative net margin of 928.44%. On average, sell-side analysts expect that Nurix Therapeutics, Inc. will post -2.84 EPS for the current fiscal year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, insider Gwenn Hansen sold 4,356 shares of Nurix Therapeutics stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $25.00, for a total value of $108,900.00. Following the sale, the insider owned 117,227 shares of the company’s stock, valued at $2,930,675. The trade was a 3.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Houte Hans Van sold 4,761 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $24.36, for a total value of $115,977.96. Following the sale, the chief financial officer directly owned 40,166 shares in the company, valued at $978,443.76. This trade represents a 10.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 25,314 shares of company stock worth $589,361 over the last quarter. 6.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Nurix Therapeutics by 32.5% in the 4th quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company’s stock valued at $112,862,000 after acquiring an additional 1,460,736 shares during the last quarter. General Atlantic L.P. bought a new position in shares of Nurix Therapeutics during the 4th quarter valued at approximately $92,899,000. Morgan Stanley increased its position in Nurix Therapeutics by 115.9% during the fourth quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock valued at $92,594,000 after acquiring an additional 2,620,323 shares during the last quarter. Vestal Point Capital LP raised its position in Nurix Therapeutics by 35.0% in the 4th quarter. Vestal Point Capital LP now owns 4,690,000 shares of the company’s stock worth $88,969,000 after purchasing an additional 1,215,000 shares during the period. Finally, Baker BROS. Advisors LP boosted its holdings in Nurix Therapeutics by 20.0% during the 4th quarter. Baker BROS. Advisors LP now owns 4,658,556 shares of the company’s stock valued at $88,373,000 after acquiring an additional 776,431 shares during the period.

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.