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

Nurix Therapeutics (NASDAQ:NRIX)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $29.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 40.37% from the stock’s previous close.

A number of other research firms have also recently weighed in on NRIX. Stephens reissued an “overweight” rating and issued a $31.00 price objective on shares of Nurix Therapeutics in a research report on Monday, October 14th. Royal Bank of Canada lowered their price target on Nurix Therapeutics from $27.00 to $26.00 and set an “outperform” rating for the company in a report on Monday, October 14th. UBS Group assumed coverage on shares of Nurix Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $35.00 price objective on the stock. Oppenheimer lifted their target price on shares of Nurix Therapeutics from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Finally, Robert W. Baird assumed coverage on shares of Nurix Therapeutics in a research report on Friday, September 6th. They set an “outperform” rating and a $26.00 target price on the stock. One analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.75.

Nurix Therapeutics Stock Performance

Shares of Nurix Therapeutics stock opened at $20.66 on Tuesday. Nurix Therapeutics has a one year low of $7.65 and a one year high of $29.56. The company has a market capitalization of $1.46 billion, a PE ratio of -7.10 and a beta of 2.11. The company has a 50-day simple moving average of $23.75 and a two-hundred day simple moving average of $22.02.

Nurix Therapeutics (NASDAQ:NRIX) last posted its quarterly earnings data on Friday, October 11th. The company reported ($0.67) EPS for the quarter, hitting the consensus estimate of ($0.67). The firm had revenue of $12.59 million during the quarter, compared to analyst estimates of $13.85 million. Nurix Therapeutics had a negative net margin of 313.65% and a negative return on equity of 63.39%. On average, equities analysts predict that Nurix Therapeutics will post -2.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Nurix Therapeutics

In related news, CFO Houte Hans Van sold 3,546 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $24.28, for a total transaction of $86,096.88. Following the sale, the chief financial officer now directly owns 33,724 shares of the company’s stock, valued at approximately $818,818.72. This represents a 9.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christine Ring sold 3,290 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $25.00, for a total transaction of $82,250.00. Following the sale, the insider now owns 24,592 shares in the company, valued at approximately $614,800. This represents a 11.80 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,401 shares of company stock worth $437,453. Insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

Hedge funds have recently modified their holdings of the company. Amalgamated Bank increased its stake in shares of Nurix Therapeutics by 30.6% in the 3rd quarter. Amalgamated Bank now owns 2,182 shares of the company’s stock valued at $49,000 after purchasing an additional 511 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Nurix Therapeutics by 31.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,330 shares of the company’s stock worth $54,000 after buying an additional 559 shares during the period. Quarry LP lifted its position in shares of Nurix Therapeutics by 3,746.2% during the 3rd quarter. Quarry LP now owns 2,500 shares of the company’s stock valued at $56,000 after buying an additional 2,435 shares in the last quarter. International Assets Investment Management LLC grew its stake in Nurix Therapeutics by 1,098.4% in the 3rd quarter. International Assets Investment Management LLC now owns 4,494 shares of the company’s stock valued at $101,000 after acquiring an additional 4,119 shares during the period. Finally, Quest Partners LLC increased its holdings in 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.

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.