Nurix Therapeutics (NASDAQ:NRIX) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Nurix Therapeutics (NASDAQ:NRIX) had its price objective hoisted by equities researchers at Royal Bank of Canada from $26.00 to $27.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 35.00% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Stephens reaffirmed an “overweight” rating and issued a $31.00 price objective on shares of Nurix Therapeutics in a report on Tuesday, January 21st. BMO Capital Markets initiated coverage on shares of Nurix Therapeutics in a research report on Friday, December 6th. They issued an “outperform” rating and a $35.00 price target for the company. Needham & Company LLC dropped their price target on shares of Nurix Therapeutics from $29.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday. Stifel Nicolaus raised their target price on Nurix Therapeutics from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, UBS Group began coverage on Nurix Therapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $35.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Nurix Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $30.71.

Nurix Therapeutics Price Performance

NASDAQ:NRIX traded up $0.44 on Wednesday, hitting $20.00. 179,868 shares of the company’s stock were exchanged, compared to its average volume of 637,777. The firm has a 50-day moving average price of $20.20 and a 200-day moving average price of $22.42. Nurix Therapeutics has a 52 week low of $7.79 and a 52 week high of $29.56. The company has a market cap of $1.42 billion, a P/E ratio of -6.87 and a beta of 2.14.

Nurix Therapeutics (NASDAQ:NRIX) last announced its quarterly earnings data on Tuesday, January 28th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.08). Nurix Therapeutics had a negative net margin of 313.65% and a negative return on equity of 63.39%. On average, research analysts expect that Nurix Therapeutics will post -2.81 earnings per share for the current fiscal year.

Insider Activity at Nurix Therapeutics

In other news, CFO Houte Hans Van sold 3,546 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 33,724 shares in the company, valued at approximately $818,818.72. This represents a 9.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 7.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nurix Therapeutics

A number of large investors have recently added to or reduced their stakes in NRIX. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Nurix Therapeutics by 42.7% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 789,222 shares of the company’s stock valued at $14,869,000 after buying an additional 235,971 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in Nurix Therapeutics by 21.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 15,020 shares of the company’s stock valued at $283,000 after acquiring an additional 2,632 shares during the period. SG Americas Securities LLC grew its holdings in Nurix Therapeutics by 31.1% in the fourth quarter. SG Americas Securities LLC now owns 30,086 shares of the company’s stock worth $567,000 after purchasing an additional 7,141 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Nurix Therapeutics by 85.2% during the third quarter. JPMorgan Chase & Co. now owns 68,148 shares of the company’s stock valued at $1,531,000 after purchasing an additional 31,352 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Nurix Therapeutics in the 3rd quarter worth approximately $7,879,000.

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.