Nurix Therapeutics (NASDAQ:NRIX) Stock Price Up 3.9% – Here’s What Happened

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) traded up 3.9% on Wednesday . The stock traded as high as $19.73 and last traded at $19.63. 425,420 shares were traded during mid-day trading, a decline of 18% from the average session volume of 516,040 shares. The stock had previously closed at $18.90.

Analyst Ratings Changes

A number of research analysts have issued reports on NRIX shares. UBS Group initiated coverage on Nurix Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $35.00 price objective for the company. Royal Bank of Canada decreased their price objective on shares of Nurix Therapeutics from $27.00 to $26.00 and set an “outperform” rating for the company in a report on Monday, October 14th. BMO Capital Markets started coverage on shares of Nurix Therapeutics in a research note on Friday, December 6th. They issued an “outperform” rating and a $35.00 target price on the stock. BTIG Research assumed coverage on shares of Nurix Therapeutics in a research report on Tuesday, December 10th. They set a “buy” rating and a $35.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $29.00 price target on shares of Nurix Therapeutics in a report on Tuesday, December 10th. One analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $30.35.

Nurix Therapeutics Stock Performance

The company’s 50 day simple moving average is $22.01 and its 200-day simple moving average is $22.55. The firm has a market capitalization of $1.38 billion, a PE ratio of -6.70 and a beta of 2.14.

Nurix Therapeutics (NASDAQ:NRIX) last posted its earnings results on Friday, October 11th. The company reported ($0.67) EPS for the quarter, hitting the consensus estimate 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 return on equity of 63.39% and a negative net margin of 313.65%. On average, equities research analysts forecast that Nurix Therapeutics, Inc. will post -2.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Nurix Therapeutics

In other Nurix Therapeutics news, insider Gwenn Hansen sold 3,437 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $24.30, for a total transaction of $83,519.10. Following the transaction, the insider now directly owns 50,670 shares in the company, valued at $1,231,281. This trade represents a 6.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christine Ring sold 3,290 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $25.00, for a total value of $82,250.00. Following the completion of the sale, the insider now owns 24,592 shares of the company’s stock, valued at $614,800. The trade was a 11.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,641 shares of company stock worth $309,408 over the last three months. 7.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in Nurix Therapeutics by 31.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 209,136 shares of the company’s stock worth $4,365,000 after acquiring an additional 49,918 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Nurix Therapeutics by 14.2% in the second quarter. Rhumbline Advisers now owns 88,781 shares of the company’s stock worth $1,853,000 after purchasing an additional 11,010 shares during the last quarter. TD Asset Management Inc purchased a new position in Nurix Therapeutics during the 2nd quarter valued at about $593,000. Arizona State Retirement System purchased a new stake in Nurix Therapeutics in the 2nd quarter worth approximately $295,000. Finally, ClariVest Asset Management LLC grew its position in shares of Nurix Therapeutics by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 63,149 shares of the company’s stock worth $1,318,000 after buying an additional 1,766 shares during 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.