Morgan Stanley Raises Nurix Therapeutics (NASDAQ:NRIX) Price Target to $17.00

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) had its target price lifted by equities researchers at Morgan Stanley from $16.00 to $17.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price target indicates a potential downside of 10.71% from the company's current price.

A number of other equities analysts also recently commented on NRIX. Stifel Nicolaus lifted their price objective on Nurix Therapeutics from $34.00 to $36.00 and gave the stock a "buy" rating in a research report on Wednesday, January 29th. Royal Bank of Canada lifted their price objective on Nurix Therapeutics from $26.00 to $27.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 29th. Jefferies Financial Group started coverage on Nurix Therapeutics in a research report on Friday, October 11th. They set a "buy" rating and a $41.00 price objective on the stock. Needham & Company LLC reduced their price objective on Nurix Therapeutics from $29.00 to $28.00 and set a "buy" rating on the stock in a research report on Wednesday, January 29th. Finally, BMO Capital Markets started coverage on Nurix Therapeutics in a research report on Friday, December 6th. They set an "outperform" rating and a $35.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $31.12.

Nurix Therapeutics Stock Performance

Shares of NASDAQ:NRIX traded down $0.16 during trading on Monday, reaching $19.04. The stock had a trading volume of 750,653 shares, compared to its average volume of 678,377. The business has a fifty day moving average price of $19.88 and a 200-day moving average price of $22.32. The stock has a market cap of $1.44 billion, a PE ratio of -6.59 and a beta of 2.14. Nurix Therapeutics has a 1-year low of $8.11 and a 1-year high of $29.56.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its quarterly earnings results on Tuesday, January 28th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.67) by ($0.08). Nurix Therapeutics had a negative return on equity of 53.65% and a negative net margin of 354.85%. Sell-side analysts expect that Nurix Therapeutics will post -2.92 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Houte Hans Van sold 2,811 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $19.85, for a total transaction of $55,798.35. Following the sale, the chief financial officer now directly owns 39,549 shares of the company's stock, valued at $785,047.65. This represents a 6.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gwenn Hansen sold 3,690 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $19.85, for a total transaction of $73,246.50. Following the sale, the insider now directly owns 55,937 shares in the company, valued at approximately $1,110,349.45. The trade was a 6.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NRIX. Sumitomo Mitsui Trust Group Inc. acquired a new position in Nurix Therapeutics during the 3rd quarter worth approximately $12,432,000. FMR LLC lifted its position in shares of Nurix Therapeutics by 675.9% during the 3rd quarter. FMR LLC now owns 586,902 shares of the company's stock worth $13,188,000 after buying an additional 511,256 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of Nurix Therapeutics during the 3rd quarter worth approximately $7,879,000. Patient Square Capital LP purchased a new stake in shares of Nurix Therapeutics during the 3rd quarter worth approximately $7,320,000. Finally, Wellington Management Group LLP lifted its position in shares of Nurix Therapeutics by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 3,482,105 shares of the company's stock worth $78,243,000 after buying an additional 280,240 shares during the last quarter.

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.