Nurix Therapeutics (NASDAQ:NRIX) Sets New 52-Week High – Here’s What Happened

Nurix Therapeutics, Inc. (NASDAQ:NRIX) reached a new 52-week high during trading on Wednesday . The company traded as high as $27.50 and last traded at $27.4350, with a volume of 147733 shares changing hands. The stock had previously closed at $26.93.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NRIX shares. Needham & Company LLC reiterated a “buy” rating and set a $34.00 price target on shares of Nurix Therapeutics in a research note on Tuesday, August 4th. Oppenheimer initiated 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 for the company. Jefferies Financial Group raised their price objective on Nurix Therapeutics from $41.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Morgan Stanley boosted their target price on Nurix Therapeutics from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Tuesday, July 28th. Finally, Wall Street Zen upgraded Nurix Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Thirteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $34.21.

Nurix Therapeutics Price Performance

The firm has a market cap of $2.86 billion, a price-to-earnings ratio of -7.92 and a beta of 1.79. The firm’s 50 day moving average price is $22.79 and its two-hundred day moving average price is $18.44.

Nurix Therapeutics (NASDAQ:NRIX) last issued its quarterly earnings results on Thursday, July 9th. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($0.08). The company had revenue of $9.04 million during the quarter, compared to analyst estimates of $15.29 million. Nurix Therapeutics had a negative net margin of 928.44% and a negative return on equity of 76.09%. On average, analysts anticipate that Nurix Therapeutics, Inc. will post -2.73 earnings per share for the current year.

Insider Activity at Nurix Therapeutics

In other news, 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 transaction of $115,977.96. Following the completion of the sale, the chief financial officer owned 40,166 shares in the company, valued at $978,443.76. This represents a 10.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 5,394 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $20.00, for a total value of $107,880.00. Following the sale, the insider owned 115,005 shares of the company’s stock, valued at $2,300,100. This trade represents a 4.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,314 shares of company stock worth $589,361 over the last quarter. Company insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Nurix Therapeutics

Several institutional investors have recently bought and sold shares of NRIX. General Atlantic L.P. acquired a new stake in shares of Nurix Therapeutics in the 4th quarter worth $92,899,000. Vanguard Group Inc. increased its stake in shares of Nurix Therapeutics by 32.5% during the fourth quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company’s stock worth $112,862,000 after acquiring an additional 1,460,736 shares during the period. Baker BROS. Advisors LP increased its stake in shares of Nurix Therapeutics by 20.0% during the fourth quarter. Baker BROS. Advisors LP now owns 4,658,556 shares of the company’s stock worth $88,373,000 after acquiring an additional 776,431 shares during the period. Flax Pond Capital LLC purchased a new position in Nurix Therapeutics during the fourth quarter worth about $1,521,000. Finally, Stempoint Capital LP purchased a new position in Nurix Therapeutics during the first quarter worth about $4,886,000.

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.