Needham & Company LLC Reiterates “Buy” Rating for Nurix Therapeutics (NASDAQ:NRIX)

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report issued on Monday,Benzinga reports. They presently have a $26.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 32.99% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley dropped their target price on shares of Nurix Therapeutics from $16.00 to $15.00 and set an “equal weight” rating for the company in a report on Tuesday, October 14th. Oppenheimer cut their target price on shares of Nurix Therapeutics from $30.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, October 10th. Wells Fargo & Company decreased their target price on shares of Nurix Therapeutics from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, October 23rd. BTIG Research reiterated a “buy” rating and issued a $27.00 price target on shares of Nurix Therapeutics in a research note on Tuesday, November 4th. Finally, HC Wainwright reduced their price objective on Nurix Therapeutics from $33.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Nurix Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $26.53.

Nurix Therapeutics Price Performance

NASDAQ NRIX opened at $19.55 on Monday. The business has a fifty day moving average price of $13.03 and a two-hundred day moving average price of $11.56. The stock has a market capitalization of $1.50 billion, a PE ratio of -6.58 and a beta of 1.87. Nurix Therapeutics has a fifty-two week low of $8.18 and a fifty-two week high of $22.95.

Nurix Therapeutics (NASDAQ:NRIX) last issued its quarterly earnings results on Thursday, October 9th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.19). Nurix Therapeutics had a negative net margin of 292.50% and a negative return on equity of 53.57%. The business had revenue of $7.89 million during the quarter, compared to the consensus estimate of $16.06 million. As a group, sell-side analysts expect that Nurix Therapeutics will post -2.99 earnings per share for the current year.

Insider Transactions at Nurix Therapeutics

In related news, insider Gwenn Hansen sold 4,087 shares of the company’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $12.80, for a total value of $52,313.60. Following the sale, the insider directly owned 76,751 shares in the company, valued at $982,412.80. This represents a 5.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Houte Hans Van sold 6,284 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $12.56, for a total transaction of $78,927.04. Following the sale, the chief financial officer directly owned 37,592 shares of the company’s stock, valued at $472,155.52. This represents a 14.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,501 shares of company stock worth $171,305 in the last quarter. Corporate insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vestal Point Capital LP boosted its stake in shares of Nurix Therapeutics by 73.8% in the 3rd quarter. Vestal Point Capital LP now owns 3,475,000 shares of the company’s stock valued at $32,109,000 after purchasing an additional 1,475,000 shares during the last quarter. Perceptive Advisors LLC boosted its position in Nurix Therapeutics by 268.7% during the second quarter. Perceptive Advisors LLC now owns 1,096,985 shares of the company’s stock valued at $12,495,000 after acquiring an additional 799,432 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Nurix Therapeutics by 84.1% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,391,638 shares of the company’s stock worth $15,851,000 after acquiring an additional 635,668 shares during the period. Nikko Asset Management Americas Inc. grew its holdings in Nurix Therapeutics by 83.8% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 1,389,274 shares of the company’s stock worth $15,796,000 after acquiring an additional 633,304 shares during the period. Finally, Millennium Management LLC raised its position in shares of Nurix Therapeutics by 64.3% in the 3rd quarter. Millennium Management LLC now owns 1,523,959 shares of the company’s stock worth $14,081,000 after acquiring an additional 596,401 shares in the last quarter.

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.