Nurix Therapeutics’ (NRIX) Buy Rating Reaffirmed at Needham & Company LLC

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $29.00 price objective on the stock. Needham & Company LLC’s price target would suggest a potential upside of 14.04% from the stock’s current price.

Several other analysts also recently commented on the stock. Jefferies Financial Group initiated coverage on shares of Nurix Therapeutics in a research report on Friday, October 11th. They set a “buy” rating and a $41.00 price objective on the stock. Barclays lifted their target price on Nurix Therapeutics from $20.00 to $31.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Robert W. Baird initiated coverage on shares of Nurix Therapeutics in a report on Friday, September 6th. They set an “outperform” rating and a $26.00 price objective for the company. HC Wainwright upped their target price on shares of Nurix Therapeutics from $26.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Finally, UBS Group started coverage on shares of Nurix Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $35.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $29.40.

Nurix Therapeutics Price Performance

Shares of NRIX opened at $25.43 on Wednesday. The firm has a market capitalization of $1.80 billion, a P/E ratio of -8.74 and a beta of 2.20. Nurix Therapeutics has a one year low of $4.96 and a one year high of $27.60. The business has a fifty day moving average of $24.21 and a 200 day moving average of $20.42.

Nurix Therapeutics (NASDAQ:NRIX) last announced its earnings results on Friday, October 11th. The company reported ($0.67) EPS for the quarter, meeting analysts’ consensus estimates of ($0.67). The business had revenue of $12.59 million during the quarter, compared to analysts’ expectations of $13.85 million. Nurix Therapeutics had a negative net margin of 313.65% and a negative return on equity of 63.39%. Analysts expect that Nurix Therapeutics will post -2.84 EPS for the current fiscal year.

Insider Buying and Selling at Nurix Therapeutics

In related news, insider Christine Ring sold 5,760 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $22.23, for a total transaction of $128,044.80. Following the completion of the sale, the insider now directly owns 24,592 shares of the company’s stock, valued at approximately $546,680.16. 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 accessible through the SEC website. In other Nurix Therapeutics news, insider Gwenn Hansen sold 3,437 shares of Nurix Therapeutics stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $24.30, for a total transaction of $83,519.10. Following the completion of the sale, the insider now directly owns 50,670 shares of the company’s stock, valued at $1,231,281. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christine Ring sold 5,760 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $22.23, for a total value of $128,044.80. Following the transaction, the insider now owns 24,592 shares in the company, valued at approximately $546,680.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 57,321 shares of company stock worth $1,414,409 over the last 90 days. Company insiders own 9.80% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

Several large investors have recently modified their holdings of the business. Driehaus Capital Management LLC purchased a new position in Nurix Therapeutics during the second quarter valued at approximately $26,778,000. Redmile Group LLC raised its position in shares of Nurix Therapeutics by 37.7% in the 1st quarter. Redmile Group LLC now owns 4,483,016 shares of the company’s stock worth $65,900,000 after acquiring an additional 1,226,497 shares in the last quarter. Samlyn Capital LLC purchased a new stake in shares of Nurix Therapeutics during the 2nd quarter worth $12,177,000. Sumitomo Mitsui Trust Group Inc. purchased a new position in Nurix Therapeutics in the third quarter valued at about $12,432,000. Finally, Ikarian Capital LLC bought a new position in Nurix Therapeutics in the first quarter worth about $4,410,000.

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.