Needham & Company LLC Issues Pessimistic Forecast for Nurix Therapeutics (NASDAQ:NRIX) Stock Price

Nurix Therapeutics (NASDAQ:NRIX) had its target price dropped by equities research analysts at Needham & Company LLC from $29.00 to $28.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 39.93% from the company’s previous close.

NRIX has been the topic of a number of other reports. BMO Capital Markets assumed coverage on shares of Nurix Therapeutics in a report on Friday, December 6th. They set an “outperform” rating and a $35.00 price objective on the stock. UBS Group started coverage on Nurix Therapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $35.00 price target on the stock. HC Wainwright raised their price objective on Nurix Therapeutics from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Royal Bank of Canada dropped their target price on Nurix Therapeutics from $27.00 to $26.00 and set an “outperform” rating on the stock in a research report on Monday, October 14th. Finally, Stephens restated an “overweight” rating and set a $31.00 price objective on shares of Nurix Therapeutics in a research note on Tuesday, January 21st. One analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.71.

Nurix Therapeutics Stock Performance

Shares of NASDAQ NRIX opened at $20.01 on Wednesday. Nurix Therapeutics has a fifty-two week low of $7.79 and a fifty-two week high of $29.56. The company has a market cap of $1.42 billion, a PE ratio of -6.88 and a beta of 2.14. The business has a 50-day simple moving average of $20.14 and a two-hundred day simple moving average of $22.40.

Nurix Therapeutics (NASDAQ:NRIX) last released 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%. On average, sell-side analysts predict 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 2,811 shares of the business’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 directly owns 39,549 shares in the company, valued at $785,047.65. The trade was a 6.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gwenn Hansen sold 3,690 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $19.85, for a total value of $73,246.50. Following the transaction, the insider now owns 55,937 shares in the company, valued at $1,110,349.45. This trade represents a 6.19 % decrease in their position. The disclosure for this sale can be found here. 7.20% of the stock is owned by company insiders.

Institutional Trading of Nurix Therapeutics

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 3rd 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 last quarter. Barclays PLC raised its holdings in shares of Nurix Therapeutics by 77.9% during the third quarter. Barclays PLC now owns 128,344 shares of the company’s stock valued at $2,884,000 after acquiring an additional 56,190 shares during the last quarter. FMR LLC raised its holdings in shares of Nurix Therapeutics by 675.9% during the third quarter. FMR LLC now owns 586,902 shares of the company’s stock valued at $13,188,000 after acquiring an additional 511,256 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Nurix Therapeutics in the third quarter valued at approximately $530,000. Finally, Franklin Resources Inc. boosted its stake 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 acquiring an additional 42,315 shares during the last quarter.

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.