Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Up Following Analyst Upgrade

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) gapped up before the market opened on Monday after BTIG Research raised their price target on the stock from $30.00 to $32.00. The stock had previously closed at $14.64, but opened at $16.73. BTIG Research currently has a buy rating on the stock. Nurix Therapeutics shares last traded at $16.0510, with a volume of 9,275,314 shares changing hands.

Several other research firms also recently issued reports on NRIX. Truist Financial increased their price objective on shares of Nurix Therapeutics from $30.00 to $32.00 and gave the company a “buy” rating in a report on Monday. Wells Fargo & Company downgraded shares of Nurix Therapeutics from an “overweight” rating to a “hold” rating and decreased their price objective for the company from $28.00 to $25.00 in a report on Monday. Needham & Company LLC increased their price objective on shares of Nurix Therapeutics from $26.00 to $34.00 and gave the company a “buy” rating in a report on Monday. 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. Finally, Jefferies Financial Group increased their price objective on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $32.14.

Insider Activity

In other news, insider Gwenn Hansen sold 3,214 shares of the firm’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 directly owned 120,399 shares of the company’s stock, valued at approximately $2,004,643.35. This trade represents a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 dated Tuesday, May 5th. The stock was sold at an average price of $16.60, for a total transaction of $233,313.00. Following the completion of the transaction, the chief financial officer directly owned 37,592 shares in the company, valued at approximately $624,027.20. This represents a 27.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 19,657 shares of company stock worth $326,586. Insiders own 6.70% of the company’s stock.

Key Nurix Therapeutics News

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

• Positive Sentiment: Roche’s collaboration with Nurix on bexobrutideg includes $700 million upfront and up to $2.3 billion in total payments, signaling strong external validation of Nurix’s pipeline and creating a meaningful funding source. Reuters article
• Positive Sentiment: The deal expands bexobrutideg’s development into blood cancers, immunology, and neurology, increasing the drug’s addressable market and upside potential for Nurix. Company release
• Positive Sentiment: Multiple analysts raised price targets following the announcement, with BTIG, Jefferies, and Needham all reiterating buy ratings and higher targets, reinforcing bullish sentiment around NRIX. Analyst update
• Neutral Sentiment: Recent commentary noted that short interest was reported at 0 shares, which does not provide a meaningful signal for the stock’s near-term direction.
• Negative Sentiment: Wells Fargo downgraded Nurix Therapeutics to “hold” from “overweight” and trimmed its price target, creating a small offset to the otherwise very upbeat news flow. Analyst downgrade

Hedge Funds Weigh In On Nurix Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the business. Larson Financial Group LLC lifted its stake in shares of Nurix Therapeutics by 339.0% in the fourth quarter. Larson Financial Group LLC now owns 1,541 shares of the company’s stock worth $29,000 after buying an additional 1,190 shares in the last quarter. California State Teachers Retirement System lifted its stake in shares of Nurix Therapeutics by 2.2% in the fourth quarter. California State Teachers Retirement System now owns 68,019 shares of the company’s stock worth $1,290,000 after buying an additional 1,476 shares in the last quarter. Intesa Sanpaolo Wealth Management purchased a new position in shares of Nurix Therapeutics in the fourth quarter worth about $31,000. Royal Bank of Canada lifted its stake in shares of Nurix Therapeutics by 17.6% in the fourth quarter. Royal Bank of Canada now owns 10,842 shares of the company’s stock worth $206,000 after buying an additional 1,623 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in shares of Nurix Therapeutics by 8.2% in the fourth quarter. Arizona State Retirement System now owns 21,990 shares of the company’s stock worth $417,000 after buying an additional 1,674 shares in the last quarter.

Nurix Therapeutics Price Performance

The company’s 50 day moving average price is $16.35 and its two-hundred day moving average price is $16.91. The stock has a market capitalization of $1.62 billion, a PE ratio of -4.95 and a beta of 1.86.

Nurix Therapeutics (NASDAQ:NRIX) last issued its 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). Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%.The firm had revenue of $6.25 million for the quarter, compared to analysts’ expectations of $14.25 million. Analysts forecast that Nurix Therapeutics, Inc. will post -2.94 earnings per share 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.