Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Up Following Analyst Upgrade

Nurix Therapeutics, Inc. (NASDAQ:NRIX) gapped up before the market opened on Monday after JPMorgan Chase & Co. raised their price target on the stock from $30.00 to $31.00. The stock had previously closed at $15.18, but opened at $16.21. JPMorgan Chase & Co. currently has an overweight rating on the stock. Nurix Therapeutics shares last traded at $15.04, with a volume of 246,221 shares trading hands.

A number of other research firms also recently commented on NRIX. Robert W. Baird increased their target price on Nurix Therapeutics from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Nurix Therapeutics in a report on Monday. Piper Sandler reissued an “overweight” rating and set a $35.00 target price on shares of Nurix Therapeutics in a report on Wednesday, June 5th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $27.00 price target on shares of Nurix Therapeutics in a report on Wednesday, May 15th. Finally, Stephens began coverage on shares of Nurix Therapeutics in a research note on Tuesday, May 14th. They set an “overweight” rating and a $20.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Nurix Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $24.10.

Insiders Place Their Bets

In other news, insider Christine Ring sold 1,596 shares of Nurix Therapeutics stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $17.01, for a total transaction of $27,147.96. Following the sale, the insider now owns 19,838 shares of the company’s stock, valued at $337,444.38. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Christine Ring sold 1,596 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $17.01, for a total transaction of $27,147.96. Following the transaction, the insider now directly owns 19,838 shares of the company’s stock, valued at $337,444.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Houte Hans Van sold 3,499 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $12.83, for a total transaction of $44,892.17. Following the completion of the transaction, the chief financial officer now owns 68,333 shares of the company’s stock, valued at approximately $876,712.39. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,789 shares of company stock worth $152,023. Insiders own 9.80% of the company’s stock.

Hedge Funds Weigh In On Nurix Therapeutics

Hedge funds have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. boosted its stake in Nurix Therapeutics by 351.0% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 5,611 shares of the company’s stock valued at $58,000 after buying an additional 4,367 shares in the last quarter. Quest Partners LLC bought a new position in shares of Nurix Therapeutics during the 4th quarter valued at about $59,000. EntryPoint Capital LLC bought a new stake in shares of Nurix Therapeutics in the 1st quarter worth approximately $123,000. Jump Financial LLC acquired a new stake in Nurix Therapeutics during the fourth quarter valued at approximately $158,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Nurix Therapeutics by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 15,823 shares of the company’s stock worth $163,000 after buying an additional 4,012 shares in the last quarter.

Nurix Therapeutics Stock Up 0.7 %

The company’s 50-day simple moving average is $14.92 and its 200-day simple moving average is $12.11. The stock has a market cap of $751.52 million, a price-to-earnings ratio of -5.75 and a beta of 2.17.

Nurix Therapeutics (NASDAQ:NRIX) last posted its quarterly earnings data on Wednesday, April 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.04. Nurix Therapeutics had a negative return on equity of 67.08% and a negative net margin of 178.93%. The firm had revenue of $16.59 million for the quarter, compared to the consensus estimate of $14.58 million. As a group, analysts expect that Nurix Therapeutics, Inc. will post -3 EPS for the current fiscal year.

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.