Royal Bank of Canada Forecasts Strong Price Appreciation for Nurix Therapeutics (NASDAQ:NRIX) Stock

Nurix Therapeutics (NASDAQ:NRIX) had its target price boosted by investment analysts at Royal Bank of Canada from $26.00 to $27.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 34.93% from the stock’s current price.

A number of other equities analysts also recently commented on NRIX. BMO Capital Markets initiated coverage on shares of Nurix Therapeutics in a report on Friday, December 6th. They issued an “outperform” rating and a $35.00 target price for the company. Jefferies Financial Group assumed coverage on shares of Nurix Therapeutics in a report on Friday, October 11th. They issued a “buy” rating and a $41.00 target price for the company. Needham & Company LLC cut their price objective on shares of Nurix Therapeutics from $29.00 to $28.00 and set a “buy” rating on the stock in a report on Wednesday. Stifel Nicolaus upped their price objective on shares of Nurix Therapeutics from $34.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday. Finally, BTIG Research assumed coverage on shares of Nurix Therapeutics in a report on Tuesday, December 10th. They set a “buy” 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.71.

Nurix Therapeutics Price Performance

NASDAQ:NRIX opened at $20.01 on Wednesday. The firm has a market cap of $1.42 billion, a PE ratio of -6.88 and a beta of 2.14. The company has a 50-day moving average of $20.14 and a 200 day moving average of $22.40. Nurix Therapeutics has a 1-year low of $7.79 and a 1-year high of $29.56.

Nurix Therapeutics (NASDAQ:NRIX) last announced its earnings results 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 return on equity of 63.39% and a negative net margin of 313.65%. Sell-side analysts anticipate that Nurix Therapeutics will post -2.81 EPS for the current fiscal year.

Insider Buying and Selling

In other Nurix Therapeutics news, 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 value of $73,246.50. Following the sale, the insider now owns 55,937 shares in the company, valued at approximately $1,110,349.45. This represents a 6.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Houte Hans Van sold 2,811 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 value of $55,798.35. Following the completion of the sale, the chief financial officer now owns 39,549 shares in the company, valued at approximately $785,047.65. This represents a 6.64 % decrease in their position. The disclosure for this sale can be found here. 7.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nurix Therapeutics

Several hedge funds have recently bought and sold shares of NRIX. Squarepoint Ops LLC purchased a new stake in Nurix Therapeutics in the 2nd quarter worth approximately $601,000. AQR Capital Management LLC lifted its position in shares of Nurix Therapeutics by 76.8% during the 2nd quarter. AQR Capital Management LLC now owns 21,296 shares of the company’s stock valued at $444,000 after buying an additional 9,254 shares in the last quarter. Millennium Management LLC lifted its position in shares of Nurix Therapeutics by 60.2% during the 2nd quarter. Millennium Management LLC now owns 599,623 shares of the company’s stock valued at $12,514,000 after buying an additional 225,374 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Nurix Therapeutics by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,942 shares of the company’s stock valued at $479,000 after buying an additional 4,583 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky purchased a new position in shares of Nurix Therapeutics during the 2nd quarter valued at approximately $578,000.

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.