Needham & Company LLC Reiterates “Buy” Rating for Nurix Therapeutics (NASDAQ:NRIX)

Posted by Defense World Staff on Apr 25th, 2023

Needham & Company LLC reiterated their buy rating on shares of Nurix Therapeutics (NASDAQ:NRIX – Get Rating) in a research note released on Friday morning, Benzinga reports. Needham & Company LLC currently has a $31.00 price objective on the stock.

A number of other equities research analysts also recently commented on NRIX. Stifel Nicolaus lowered their price objective on Nurix Therapeutics from $37.00 to $31.00 and set a buy rating for the company in a research report on Tuesday, February 14th. Royal Bank of Canada restated an outperform rating and set a $30.00 price objective on shares of Nurix Therapeutics in a research note on Friday, April 14th. Barclays initiated coverage on Nurix Therapeutics in a research note on Thursday, March 9th. They set an overweight rating and a $20.00 price objective on the stock. HC Wainwright restated a buy rating and set a $53.00 price objective on shares of Nurix Therapeutics in a research note on Tuesday, March 21st. Finally, Oppenheimer began coverage on Nurix Therapeutics in a research note on Monday, February 27th. They issued an outperform rating and a $25.00 price target on the stock. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $29.75.

Nurix Therapeutics Price Performance

NRIX opened at $10.38 on Friday. The business has a 50 day simple moving average of $9.53 and a 200-day simple moving average of $11.07. The stock has a market capitalization of $492.43 million, a P/E ratio of -2.94 and a beta of 1.69. Nurix Therapeutics has a 12 month low of $7.52 and a 12 month high of $19.91.

Nurix Therapeutics (NASDAQ:NRIX – Get Rating) last issued its quarterly earnings data on Thursday, February 9th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.19). The firm had revenue of $6.78 million for the quarter, compared to analyst estimates of $19.64 million. Nurix Therapeutics had a negative return on equity of 60.17% and a negative net margin of 428.29%. Research analysts anticipate that Nurix Therapeutics will post -3.28 EPS for the current year.

Institutional Investors Weigh In On Nurix Therapeutics

A number of institutional investors have recently added to or reduced their stakes in NRIX. Great West Life Assurance Co. Can acquired a new stake in Nurix Therapeutics during the third quarter valued at approximately $25,000. Denali Advisors LLC bought a new position in shares of Nurix Therapeutics in the third quarter valued at approximately $47,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Nurix Therapeutics by 23.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,312 shares of the company’s stock worth $69,000 after purchasing an additional 1,194 shares during the last quarter. Quantbot Technologies LP raised its position in Nurix Therapeutics by 211.1% in the 1st quarter. Quantbot Technologies LP now owns 5,600 shares of the company’s stock worth $78,000 after purchasing an additional 3,800 shares during the last quarter. Finally, Natixis bought a new position in Nurix Therapeutics in the 4th quarter worth approximately $83,000. 91.33% of the stock is owned by institutional investors and hedge funds.

Nurix Therapeutics Company Profile

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Nurix Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule therapies for the treatment of cancer and immune disorders. The company develops NX-2127, an orally available 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 available Casitas B-lineage lymphoma proto-oncogene-B (CBL-B) inhibitor for immuno-oncology indications.