Nurix Therapeutics (NASDAQ:NRIX) Price Target Raised to $34.00 at Needham & Company LLC

Nurix Therapeutics (NASDAQ:NRIX) had its target price upped by equities research analysts at Needham & Company LLC from $26.00 to $34.00 in a research report issued on Monday, Marketbeat reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 115.26% from the company’s current price.

A number of other research firms also recently weighed in on NRIX. BTIG Research reaffirmed a “buy” rating and set a $30.00 price objective on shares of Nurix Therapeutics in a report on Monday, May 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Tuesday, April 21st. Wells Fargo & Company decreased their price objective on Nurix Therapeutics from $29.00 to $28.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $32.00 price objective on shares of Nurix Therapeutics in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.08.

Nurix Therapeutics Stock Performance

NASDAQ NRIX traded up $1.16 during trading on Monday, reaching $15.80. 15,038,680 shares of the company traded hands, compared to its average volume of 1,252,915. The stock’s 50 day moving average price is $16.33 and its two-hundred day moving average price is $16.88. The company has a market cap of $1.63 billion, a price-to-earnings ratio of -5.02 and a beta of 1.86. Nurix Therapeutics has a 1-year low of $8.19 and a 1-year high of $22.50.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NRIX. General Atlantic L.P. bought a new position in Nurix Therapeutics in the 4th quarter worth approximately $92,899,000. Morgan Stanley grew 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 worth $92,594,000 after buying an additional 2,620,323 shares in the last quarter. Rubric Capital Management LP acquired a new stake in Nurix Therapeutics in the fourth quarter valued at approximately $46,930,000. Braidwell LP acquired a new stake in Nurix Therapeutics in the fourth quarter valued at approximately $41,428,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Nurix Therapeutics by 195.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,248,361 shares of the company’s stock worth $61,622,000 after purchasing an additional 2,149,268 shares during the period.

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.