Nurix Therapeutics (NASDAQ:NRIX) Sets New 52-Week High – Here’s What Happened

Nurix Therapeutics, Inc. (NASDAQ:NRIX) hit a new 52-week high on Friday . The stock 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 Analyst Weigh In

A number of research firms have recently issued reports on NRIX. Needham & Company LLC reissued a “buy” rating and set a $34.00 price objective on shares of Nurix Therapeutics in a research report on Monday, June 15th. Wells Fargo & Company lowered Nurix Therapeutics from an “overweight” rating to a “hold” rating and decreased their target price for the company from $28.00 to $25.00 in a research report on Monday, June 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nurix Therapeutics in a research note on Tuesday, April 21st. HC Wainwright reiterated a “buy” rating and issued a $32.00 price target on shares of Nurix Therapeutics in a report on Wednesday, June 10th. Finally, Truist Financial raised their price objective on Nurix Therapeutics from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Nurix Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $32.20.

Nurix Therapeutics Trading Up 16.4%

The firm has a market cap of $2.32 billion, a P/E ratio of -7.11 and a beta of 1.86. The company’s 50-day moving average is $16.86 and its two-hundred day moving average is $16.99.

Nurix Therapeutics (NASDAQ:NRIX) last issued its quarterly earnings data on Wednesday, April 8th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.03). The company 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%. Research analysts anticipate that Nurix Therapeutics, Inc. will post -2.88 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Houte Hans Van sold 14,055 shares of Nurix Therapeutics stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $16.60, for a total transaction of $233,313.00. Following the transaction, the chief financial officer owned 37,592 shares of the company’s stock, valued at $624,027.20. The trade was a 27.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 5,394 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $20.00, for a total value of $107,880.00. Following the sale, the insider owned 115,005 shares of the company’s stock, valued at $2,300,100. This trade represents a 4.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 25,051 shares of company stock worth $434,466 in the last 90 days. Corporate insiders own 6.70% of the company’s stock.

Institutional Trading of Nurix Therapeutics

Several institutional investors have recently made changes to their positions in the company. General Atlantic L.P. purchased a new stake in shares of Nurix Therapeutics in the fourth quarter valued at about $92,899,000. Morgan Stanley lifted its position in shares of Nurix Therapeutics by 115.9% during the fourth quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock valued at $92,594,000 after purchasing an additional 2,620,323 shares in the last quarter. Rubric Capital Management LP purchased a new position in Nurix Therapeutics during the fourth quarter worth about $46,930,000. Braidwell LP purchased a new position in Nurix Therapeutics during the fourth quarter worth about $41,428,000. Finally, Price T Rowe Associates Inc. MD grew its position in Nurix Therapeutics by 195.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,248,361 shares of the company’s stock worth $61,622,000 after purchasing an additional 2,149,268 shares in the last quarter.

Nurix Therapeutics Company Profile

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.