Nurix Therapeutics (NASDAQ:NRIX) Coverage Initiated at BTIG Research

Equities research analysts at BTIG Research started coverage on shares of Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) in a research note issued on Tuesday, MarketBeat Ratings reports. The firm set a "buy" rating and a $35.00 price target on the stock. BTIG Research's target price suggests a potential upside of 58.66% from the stock's current price.

A number of other research firms have also recently commented on NRIX. Oppenheimer boosted their price target 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. Royal Bank of Canada reduced their target price on Nurix Therapeutics from $27.00 to $26.00 and set an "outperform" rating on the stock in a research note on Monday, October 14th. HC Wainwright raised their price target on Nurix Therapeutics from $26.00 to $30.00 and gave the company a "buy" rating in a research report on Monday, October 21st. Jefferies Financial Group began coverage on Nurix Therapeutics in a report on Friday, October 11th. They issued a "buy" rating and a $41.00 price objective for the company. Finally, Stephens reissued an "overweight" rating and set a $31.00 price objective on shares of Nurix Therapeutics in a report on Monday, October 14th. One analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $30.06.

Nurix Therapeutics Stock Up 6.8 %

NASDAQ:NRIX traded up $1.40 during trading hours on Tuesday, hitting $22.06. 1,791,542 shares of the company's stock traded hands, compared to its average volume of 905,140. Nurix Therapeutics has a 52 week low of $7.65 and a 52 week high of $29.56. The business's fifty day simple moving average is $23.72 and its two-hundred day simple moving average is $22.05. The firm has a market cap of $1.56 billion, a P/E ratio of -7.68 and a beta of 2.11.

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

Insiders Place Their Bets

In other Nurix Therapeutics news, insider Christine Ring sold 3,290 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was 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 in the company, valued at approximately $614,800. This trade represents a 11.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Houte Hans Van sold 3,546 shares of Nurix Therapeutics stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $24.28, for a total value of $86,096.88. Following the completion of the sale, the chief financial officer now owns 33,724 shares in the company, valued at approximately $818,818.72. This represents a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,401 shares of company stock valued at $437,453 in the last quarter. Insiders own 7.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its stake in shares of Nurix Therapeutics by 52.4% during the 3rd quarter. Franklin Resources Inc. now owns 123,101 shares of the company's stock valued at $2,766,000 after purchasing an additional 42,315 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in Nurix Therapeutics by 8.4% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 30,024 shares of the company's stock worth $675,000 after buying an additional 2,329 shares during the period. Geode Capital Management LLC boosted its position in Nurix Therapeutics by 9.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,448,040 shares of the company's stock valued at $32,544,000 after acquiring an additional 126,306 shares in the last quarter. Barclays PLC boosted its position in Nurix Therapeutics by 77.9% during the 3rd quarter. Barclays PLC now owns 128,344 shares of the company's stock valued at $2,884,000 after acquiring an additional 56,190 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Nurix Therapeutics during the 3rd quarter worth approximately $346,000.

Nurix Therapeutics Company Profile

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.