Nurix Therapeutics' (NRIX) Buy Rating Reiterated at Needham & Company LLC

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $29.00 target price on the stock. Needham & Company LLC's price objective indicates a potential upside of 31.46% from the stock's current price.

Several other research firms have also recently weighed in on NRIX. Robert W. Baird initiated coverage on shares of Nurix Therapeutics in a research note on Friday, September 6th. They issued an "outperform" rating and a $26.00 price target for the company. Jefferies Financial Group initiated coverage on shares of Nurix Therapeutics in a research note on Friday, October 11th. They issued a "buy" rating and a $41.00 price target for the company. UBS Group began coverage on shares of Nurix Therapeutics in a research note on Thursday, October 24th. They issued a "buy" rating and a $35.00 price target for the company. HC Wainwright raised their price objective on shares of Nurix Therapeutics from $26.00 to $30.00 and gave the company a "buy" rating in a report on Monday, October 21st. Finally, Royal Bank of Canada cut their price target on shares of Nurix Therapeutics from $27.00 to $26.00 and set an "outperform" rating on the stock in a research note on Monday, October 14th. One analyst has rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $30.06.

Nurix Therapeutics Stock Performance

Shares of NRIX traded up $1.40 during mid-day trading on Tuesday, hitting $22.06. 1,791,542 shares of the company were exchanged, compared to its average volume of 905,140. Nurix Therapeutics has a 1-year low of $7.65 and a 1-year high of $29.56. The company has a 50 day moving average of $23.72 and a 200-day moving average of $22.05. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -7.68 and a beta of 2.11.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its quarterly earnings data on Friday, October 11th. The company reported ($0.67) EPS for the quarter, meeting analysts' consensus estimates of ($0.67). The company had revenue of $12.59 million during the quarter, compared to the consensus estimate of $13.85 million. Nurix Therapeutics had a negative net margin of 313.65% and a negative return on equity of 63.39%. Research analysts anticipate that Nurix Therapeutics will post -2.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Christine Ring sold 5,760 shares of the firm's stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $22.23, for a total transaction of $128,044.80. Following the completion of the transaction, the insider now owns 24,592 shares in the company, valued at approximately $546,680.16. This trade represents a 18.98 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Gwenn Hansen sold 3,437 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $24.30, for a total transaction of $83,519.10. Following the completion of the sale, the insider now directly owns 50,670 shares of the company's stock, valued at $1,231,281. This trade represents a 6.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,401 shares of company stock worth $437,453 over the last ninety days. 7.20% of the stock is owned by company insiders.

Institutional Trading of Nurix Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Amalgamated Bank increased its position in Nurix Therapeutics by 30.6% during the third quarter. Amalgamated Bank now owns 2,182 shares of the company's stock worth $49,000 after acquiring an additional 511 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Nurix Therapeutics by 31.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,330 shares of the company's stock worth $54,000 after acquiring an additional 559 shares during the period. Quest Partners LLC increased its position in Nurix Therapeutics by 21.3% during the third quarter. Quest Partners LLC now owns 7,458 shares of the company's stock worth $168,000 after acquiring an additional 1,312 shares during the period. ClariVest Asset Management LLC increased its position in Nurix Therapeutics by 2.9% during the second quarter. ClariVest Asset Management LLC now owns 63,149 shares of the company's stock worth $1,318,000 after acquiring an additional 1,766 shares during the period. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in Nurix Therapeutics by 8.4% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 30,024 shares of the company's stock valued at $675,000 after buying an additional 2,329 shares during the period.

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.