Nurix Therapeutics (NASDAQ:NRIX) Shares Up 4.4% – Here’s Why

Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares shot up 4.4% during mid-day trading on Thursday . The company traded as high as $14.32 and last traded at $14.52. 77,123 shares were traded during mid-day trading, a decline of 91% from the average session volume of 855,801 shares. The stock had previously closed at $13.90.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Leerink Partners assumed coverage on Nurix Therapeutics in a research report on Monday, March 17th. They issued a “market perform” rating and a $16.00 price target for the company. JPMorgan Chase & Co. lowered their price target on Nurix Therapeutics from $31.00 to $30.00 and set an “overweight” rating for the company in a research report on Wednesday, January 29th. BTIG Research assumed coverage on Nurix Therapeutics in a research report on Tuesday, December 10th. They issued a “buy” rating and a $35.00 price target for the company. Morgan Stanley increased their price target on Nurix Therapeutics from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. Finally, BMO Capital Markets assumed coverage on Nurix Therapeutics in a research report on Friday, December 6th. They issued an “outperform” rating and a $35.00 price target for the company. Three analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.88.

Nurix Therapeutics Stock Performance

The firm has a 50 day moving average price of $17.00 and a two-hundred day moving average price of $20.80. The company has a market cap of $985.77 million, a P/E ratio of -4.49 and a beta of 2.18.

Nurix Therapeutics (NASDAQ:NRIX) last issued its earnings results on Tuesday, January 28th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.08). Nurix Therapeutics had a negative return on equity of 53.65% and a negative net margin of 354.85%. On average, sell-side analysts predict that Nurix Therapeutics, Inc. will post -2.99 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Gwenn Hansen sold 3,690 shares of Nurix Therapeutics stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $19.85, for a total transaction of $73,246.50. Following the sale, the insider now directly owns 55,937 shares in the company, valued at $1,110,349.45. The trade was a 6.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Houte Hans Van sold 5,825 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.49, for a total value of $84,404.25. Following the sale, the chief financial officer now directly owns 33,724 shares in the company, valued at $488,660.76. This trade represents a 14.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,326 shares of company stock worth $213,449 in the last quarter. 7.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. purchased a new position in Nurix Therapeutics during the 3rd quarter valued at approximately $484,000. Quest Partners LLC raised its position in shares of Nurix Therapeutics by 21.3% in the 3rd quarter. Quest Partners LLC now owns 7,458 shares of the company’s stock worth $168,000 after acquiring an additional 1,312 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Nurix Therapeutics in the 3rd quarter worth $425,000. Dynamic Technology Lab Private Ltd purchased a new stake in Nurix Therapeutics during the 3rd quarter valued at about $530,000. Finally, The Manufacturers Life Insurance Company grew its stake in Nurix Therapeutics by 32.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 30,383 shares of the company’s stock valued at $683,000 after purchasing an additional 7,441 shares during the last quarter.

Nurix Therapeutics Company Profile

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.