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

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s stock price gapped up prior to trading on Thursday after Royal Bank of Canada raised their price target on the stock from $22.00 to $23.00. The stock had previously closed at $15.69, but opened at $17.09. Royal Bank of Canada currently has an outperform rating on the stock. Nurix Therapeutics shares last traded at $17.23, with a volume of 82,133 shares changing hands.

NRIX has been the topic of several other research reports. Wells Fargo & Company reduced their price target on shares of Nurix Therapeutics from $23.00 to $20.00 and set an “overweight” rating on the stock in a research report on Friday, February 16th. Morgan Stanley increased their price target on shares of Nurix Therapeutics from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Robert W. Baird increased their price target on shares of Nurix Therapeutics from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Thursday. HC Wainwright reduced their price target on shares of Nurix Therapeutics from $35.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, February 20th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $31.00 price objective on shares of Nurix Therapeutics in a research note on Tuesday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.33.

Insider Activity at Nurix Therapeutics

In related news, CFO Houte Hans Van sold 6,812 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $10.02, for a total transaction of $68,256.24. Following the transaction, the chief financial officer now owns 68,333 shares in the company, valued at $684,696.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 10,817 shares of company stock worth $100,256 over the last quarter. 7.20% of the stock is currently owned by company insiders.

Institutional Trading of Nurix Therapeutics

A number of large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Nurix Therapeutics by 48.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 568,576 shares of the company’s stock valued at $4,469,000 after acquiring an additional 184,617 shares in the last quarter. Kennedy Capital Management LLC raised its stake in Nurix Therapeutics by 192.7% during the 3rd quarter. Kennedy Capital Management LLC now owns 163,623 shares of the company’s stock valued at $1,286,000 after purchasing an additional 107,719 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Nurix Therapeutics by 351.0% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 5,611 shares of the company’s stock valued at $58,000 after purchasing an additional 4,367 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Nurix Therapeutics by 40.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 183,923 shares of the company’s stock valued at $1,446,000 after purchasing an additional 53,429 shares during the last quarter. Finally, ARK Investment Management LLC raised its stake in Nurix Therapeutics by 23.2% during the 4th quarter. ARK Investment Management LLC now owns 3,194,999 shares of the company’s stock valued at $32,972,000 after purchasing an additional 601,952 shares during the last quarter.

Nurix Therapeutics Stock Performance

The company has a market cap of $822.77 million, a price-to-earnings ratio of -6.29 and a beta of 2.06. The business’s 50 day moving average price is $12.64 and its 200-day moving average price is $9.26.

Nurix Therapeutics (NASDAQ:NRIX) last announced its earnings results on Thursday, February 15th. The company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.26). The firm had revenue of $15.16 million for the quarter, compared to analyst estimates of $30.66 million. Nurix Therapeutics had a negative return on equity of 62.54% and a negative net margin of 178.93%. On average, equities research analysts expect that Nurix Therapeutics, Inc. will post -3.26 earnings per share for the current fiscal year.

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.