Nurix Therapeutics (NASDAQ:NRIX) Sees Strong Trading Volume – What’s Next?

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) saw unusually-strong trading volume on Thursday . Approximately 3,889,766 shares were traded during mid-day trading, an increase of 336% from the previous session’s volume of 893,064 shares.The stock last traded at $21.11 and had previously closed at $21.99.

Analysts Set New Price Targets

A number of research firms recently commented on NRIX. Truist Financial started coverage on Nurix Therapeutics in a report on Wednesday, July 31st. They issued a “buy” rating and a $36.00 price objective for the company. Oppenheimer increased their target price on shares of Nurix Therapeutics from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Robert W. Baird assumed coverage on shares of Nurix Therapeutics in a report on Friday, September 6th. They issued an “outperform” rating and a $26.00 price target for the company. Jefferies Financial Group initiated coverage on Nurix Therapeutics in a research note on Friday. They set a “buy” rating and a $41.00 price objective on the stock. Finally, Royal Bank of Canada lifted their target price on Nurix Therapeutics from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, July 12th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.00.

Nurix Therapeutics Stock Performance

The stock has a market cap of $1.52 billion, a price-to-earnings ratio of -8.09 and a beta of 2.22. The business has a 50-day simple moving average of $23.27 and a two-hundred day simple moving average of $19.20.

Nurix Therapeutics (NASDAQ:NRIX) last announced its earnings results on Thursday, July 11th. The company reported ($0.71) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.08). The business had revenue of $12.09 million for the quarter, compared to analyst estimates of $19.35 million. Nurix Therapeutics had a negative return on equity of 67.78% and a negative net margin of 264.84%. On average, analysts expect that Nurix Therapeutics, Inc. will post -2.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Christine Ring sold 5,760 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $21.43, for a total value of $123,436.80. Following the completion of the transaction, the insider now owns 24,592 shares in the company, valued at $527,006.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Houte Hans Van sold 2,490 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $20.67, for a total transaction of $51,468.30. Following the transaction, the chief financial officer now directly owns 54,479 shares in the company, valued at approximately $1,126,080.93. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christine Ring sold 5,760 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $21.43, for a total transaction of $123,436.80. Following the completion of the sale, the insider now owns 24,592 shares of the company’s stock, valued at approximately $527,006.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,815 shares of company stock valued at $1,424,931 in the last three months. 7.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nurix Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of NRIX. GAMMA Investing LLC increased its position in Nurix Therapeutics by 299.8% during the second quarter. GAMMA Investing LLC now owns 4,566 shares of the company’s stock worth $95,000 after buying an additional 3,424 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Nurix Therapeutics in the first quarter valued at approximately $123,000. China Universal Asset Management Co. Ltd. boosted its stake in shares of Nurix Therapeutics by 67.6% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 9,404 shares of the company’s stock worth $138,000 after acquiring an additional 3,793 shares during the period. Dark Forest Capital Management LP acquired a new position in shares of Nurix Therapeutics during the 2nd quarter worth approximately $201,000. Finally, ProShare Advisors LLC raised its stake in Nurix Therapeutics by 9.1% in the 1st quarter. ProShare Advisors LLC now owns 11,978 shares of the company’s stock valued at $176,000 after acquiring an additional 998 shares during the period.

About Nurix Therapeutics

Nurix Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule and cell therapies for the treatment of cancer, inflammatory conditions, and other diseases. The company develops NX-2127, an orally bioavailable Bruton's tyrosine kinase (BTK) degrader for the treatment of relapsed or refractory B-cell malignancies; NX-5948, an orally bioavailable BTK degrader for the treatment of relapsed or refractory B-cell malignancies and autoimmune diseases; and NX-1607, an orally bioavailable Casitas B-lineage lymphoma proto-oncogene-B (CBL-B) inhibitor for immuno-oncology indications.