HC Wainwright Reiterates Buy Rating for Nurix Therapeutics (NASDAQ:NRIX)

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a report issued on Friday,Benzinga reports. They presently have a $32.00 price objective on the stock. HC Wainwright’s target price indicates a potential upside of 99.63% from the stock’s current price.

NRIX has been the subject of a number of other research reports. Wells Fargo & Company cut their price target on Nurix Therapeutics from $29.00 to $28.00 and set an “overweight” rating for the company in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price target on shares of Nurix Therapeutics in a research note on Wednesday. Royal Bank Of Canada increased their price target on Nurix Therapeutics from $28.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, January 29th. Stifel Nicolaus increased their price target on Nurix Therapeutics from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Finally, Piper Sandler increased their price target on Nurix Therapeutics from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.46.

Nurix Therapeutics Stock Performance

Shares of NRIX stock opened at $16.03 on Friday. Nurix Therapeutics has a 52-week low of $8.19 and a 52-week high of $22.50. The firm has a market capitalization of $1.66 billion, a PE ratio of -5.07 and a beta of 1.97. The stock has a fifty day simple moving average of $15.69 and a two-hundred day simple moving average of $15.33.

Nurix Therapeutics (NASDAQ:NRIX) last issued its quarterly earnings results on Wednesday, April 8th. The company reported ($0.79) earnings per share (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 business had revenue of $6.25 million during the quarter, compared to analysts’ expectations of $14.25 million. On average, sell-side analysts forecast that Nurix Therapeutics will post -2.99 EPS for the current fiscal year.

Insider Activity

In other Nurix Therapeutics news, insider Gwenn Hansen sold 4,895 shares of the stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $16.60, for a total transaction of $81,257.00. Following the completion of the transaction, the insider owned 83,672 shares of the company’s stock, valued at $1,388,955.20. This represents a 5.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Houte Hans Van sold 3,661 shares of the stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $16.60, for a total transaction of $60,772.60. Following the transaction, the chief financial officer directly owned 45,427 shares of the company’s stock, valued at $754,088.20. This trade represents a 7.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NRIX. General Atlantic L.P. bought a new position in shares of Nurix Therapeutics during the 4th quarter valued at about $92,899,000. Morgan Stanley boosted its holdings in shares of Nurix Therapeutics by 115.9% during the 4th quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock valued at $92,594,000 after purchasing an additional 2,620,323 shares during the last quarter. Rubric Capital Management LP bought a new position in shares of Nurix Therapeutics during the 4th quarter valued at about $46,930,000. Braidwell LP bought a new position in shares of Nurix Therapeutics in the 4th quarter valued at about $41,428,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Nurix Therapeutics by 195.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,248,361 shares of the company’s stock valued at $61,622,000 after acquiring an additional 2,149,268 shares during the last quarter.

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.