Nurix Therapeutics (NASDAQ:NRIX) Reaches New 1-Year High – Should You Buy?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $23.09 and last traded at $22.46, with a volume of 5326252 shares changing hands. The stock had previously closed at $19.30.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NRIX. Robert W. Baird lifted their target price on shares of Nurix Therapeutics from $26.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. Truist Financial lifted their price target on shares of Nurix Therapeutics from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, June 8th. HC Wainwright restated a “buy” rating and issued a $32.00 price objective on shares of Nurix Therapeutics in a report on Wednesday, June 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Tuesday, April 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $34.00 target price on shares of Nurix Therapeutics in a report on Monday, June 15th. Fourteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $32.20.

Nurix Therapeutics Stock Performance

The stock’s 50 day moving average price is $16.86 and its 200 day moving average price is $16.99. The company has a market capitalization of $2.32 billion, a P/E ratio of -7.11 and a beta of 1.86.

Nurix Therapeutics (NASDAQ:NRIX) last announced its earnings results on Wednesday, April 8th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.03). The firm had revenue of $6.25 million for the quarter, compared to the consensus estimate of $14.25 million. Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%. On average, analysts expect that Nurix Therapeutics, Inc. will post -2.88 earnings per share for the current fiscal year.

Insider Transactions at Nurix Therapeutics

In other news, insider Gwenn Hansen sold 5,394 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $20.00, for a total value of $107,880.00. Following the transaction, the insider directly owned 115,005 shares of the company’s stock, valued at $2,300,100. The trade was a 4.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Houte Hans Van sold 14,055 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $16.60, for a total value of $233,313.00. Following the sale, the chief financial officer owned 37,592 shares in the company, valued at approximately $624,027.20. The trade was a 27.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 25,051 shares of company stock valued at $434,466. Company insiders own 6.70% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Larson Financial Group LLC boosted its holdings in shares of Nurix Therapeutics by 339.0% during the 4th quarter. Larson Financial Group LLC now owns 1,541 shares of the company’s stock worth $29,000 after buying an additional 1,190 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Nurix Therapeutics by 2.2% during the 4th quarter. California State Teachers Retirement System now owns 68,019 shares of the company’s stock valued at $1,290,000 after acquiring an additional 1,476 shares during the period. Intesa Sanpaolo Wealth Management acquired a new position in shares of Nurix Therapeutics during the 4th quarter valued at $31,000. Royal Bank of Canada boosted its stake in Nurix Therapeutics by 17.6% during the fourth quarter. Royal Bank of Canada now owns 10,842 shares of the company’s stock worth $206,000 after acquiring an additional 1,623 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in Nurix Therapeutics by 8.2% during the fourth quarter. Arizona State Retirement System now owns 21,990 shares of the company’s stock worth $417,000 after acquiring an additional 1,674 shares in the last quarter.

About Nurix Therapeutics

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that harness the ubiquitin-proteasome system to selectively degrade disease-causing proteins. By modulating E3 ubiquitin ligases and related molecular machinery, Nurix aims to expand treatment options for patient populations with unmet medical needs in oncology and immunology.

The company’s pipeline includes multiple programs in various stages of development.