Nurix Therapeutics (NASDAQ:NRIX) Shares Up 8.3% - Here's What Happened

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) shot up 8.3% during mid-day trading on Friday . The stock traded as high as $22.08 and last traded at $21.72. 169,365 shares traded hands during trading, a decline of 81% from the average session volume of 897,327 shares. The stock had previously closed at $20.06.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NRIX. Royal Bank of Canada decreased their price objective on Nurix Therapeutics from $27.00 to $26.00 and set an "outperform" rating on the stock in a report on Monday, October 14th. Robert W. Baird initiated coverage on Nurix Therapeutics in a research report on Friday, September 6th. They issued an "outperform" rating and a $26.00 target price on the stock. Stephens reaffirmed an "overweight" rating and issued a $31.00 target price on shares of Nurix Therapeutics in a research report on Monday, October 14th. Oppenheimer increased their target price on Nurix Therapeutics from $27.00 to $30.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 4th. Finally, HC Wainwright increased their target price on Nurix Therapeutics from $26.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $29.75.

Nurix Therapeutics Stock Up 6.5 %

The firm has a 50 day moving average price of $23.75 and a two-hundred day moving average price of $21.93. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of -7.34 and a beta of 2.11.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its earnings results on Friday, October 11th. The company reported ($0.67) earnings per share for the quarter, meeting the consensus estimate 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 return on equity of 63.39% and a negative net margin of 313.65%. Analysts predict that Nurix Therapeutics, Inc. will post -2.81 earnings per share for the current year.

Insider Activity

In related news, insider Christine Ring sold 5,760 shares of Nurix Therapeutics stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $22.23, for a total value of $128,044.80. Following the completion of the transaction, the insider now directly owns 24,592 shares in the company, valued at approximately $546,680.16. This trade represents a 18.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Houte Hans Van sold 2,368 shares of Nurix Therapeutics stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $24.30, for a total value of $57,542.40. Following the completion of the transaction, the chief financial officer now owns 37,270 shares of the company's stock, valued at $905,661. This trade represents a 5.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,401 shares of company stock worth $437,453 over the last ninety days. Corporate insiders own 7.20% of the company's stock.

Hedge Funds Weigh In On Nurix Therapeutics

A number of hedge funds have recently bought and sold shares of NRIX. Amalgamated Bank boosted its stake in Nurix Therapeutics by 30.6% in the third quarter. Amalgamated Bank now owns 2,182 shares of the company's stock valued at $49,000 after acquiring an additional 511 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Nurix Therapeutics by 31.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,330 shares of the company's stock valued at $54,000 after acquiring an additional 559 shares during the period. Quarry LP boosted its stake in Nurix Therapeutics by 3,746.2% in the third quarter. Quarry LP now owns 2,500 shares of the company's stock valued at $56,000 after acquiring an additional 2,435 shares during the period. International Assets Investment Management LLC boosted its stake in Nurix Therapeutics by 1,098.4% in the third quarter. International Assets Investment Management LLC now owns 4,494 shares of the company's stock valued at $101,000 after acquiring an additional 4,119 shares during the period. Finally, Quest Partners LLC boosted its stake in Nurix Therapeutics by 21.3% in the third quarter. Quest Partners LLC now owns 7,458 shares of the company's stock valued at $168,000 after acquiring an additional 1,312 shares during the period.

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.