Nurix Therapeutics (NASDAQ:NRIX) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Nurix Therapeutics (NASDAQ:NRIX) had its target price hoisted by Morgan Stanley from $16.00 to $17.00 in a research report released on Monday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research firms have also issued reports on NRIX. Needham & Company LLC reduced their price objective on Nurix Therapeutics from $29.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. BMO Capital Markets began coverage on shares of Nurix Therapeutics in a report on Friday, December 6th. They set an “outperform” rating and a $35.00 price target for 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. JPMorgan Chase & Co. reduced their target price on shares of Nurix Therapeutics from $31.00 to $30.00 and set an “overweight” rating for the company in a research note on Wednesday, January 29th. Finally, Jefferies Financial Group assumed coverage on shares of Nurix Therapeutics in a research note on Friday, October 11th. They issued a “buy” rating and a $41.00 price target on the stock. One research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $31.12.

Nurix Therapeutics Stock Performance

Shares of NASDAQ:NRIX opened at $19.20 on Monday. Nurix Therapeutics has a 1-year low of $8.11 and a 1-year high of $29.56. The company’s fifty day moving average is $19.92 and its two-hundred day moving average is $22.34. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -6.64 and a beta of 2.14.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings data on Tuesday, January 28th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate 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 EPS for the current fiscal year.

Insider Activity at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 2,811 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $19.85, for a total value of $55,798.35. Following the completion of the sale, the chief financial officer now directly owns 39,549 shares of the company’s stock, valued at approximately $785,047.65. This represents a 6.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gwenn Hansen sold 3,690 shares of Nurix Therapeutics 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 completion of the transaction, the insider now directly owns 55,937 shares in the company, valued at $1,110,349.45. This represents a 6.19 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position 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 worth $1,531,000 after purchasing an additional 31,352 shares during the period. Barclays PLC increased its stake in Nurix Therapeutics by 77.9% in the 3rd quarter. Barclays PLC now owns 128,344 shares of the company’s stock worth $2,884,000 after purchasing an additional 56,190 shares in the last quarter. FMR LLC raised its holdings in 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 period. Dynamic Technology Lab Private Ltd purchased a new stake in Nurix Therapeutics during the third quarter valued at about $530,000. Finally, Franklin Resources Inc. boosted its holdings in shares of Nurix Therapeutics by 52.4% in the third quarter. Franklin Resources Inc. now owns 123,101 shares of the company’s stock worth $2,766,000 after buying an additional 42,315 shares during the period.

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.