Nurix Therapeutics (NASDAQ:NRIX) Sees Unusually-High Trading Volume – Should You Buy?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) saw unusually-strong trading volume on Thursday . Approximately 3,889,766 shares were traded during trading, an increase of 336% from the previous session’s volume of 893,064 shares.The stock last traded at $21.11 and had previously closed at $21.99.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NRIX shares. Jefferies Financial Group assumed coverage on shares of Nurix Therapeutics in a research note on Friday. They set a “buy” rating and a $41.00 target price for the company. JPMorgan Chase & Co. raised their price objective on shares of Nurix Therapeutics from $31.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Oppenheimer boosted their target price on shares of Nurix Therapeutics from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Royal Bank of Canada upped their price target on Nurix Therapeutics from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, July 12th. Finally, Needham & Company LLC reduced their price objective on shares of Nurix Therapeutics from $31.00 to $29.00 and set a “buy” rating for the company in a research note on Friday, July 12th. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Nurix Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.00.

Nurix Therapeutics Stock Performance

The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of -8.09 and a beta of 2.22. The firm’s 50-day moving average price is $23.27 and its two-hundred day moving average price is $19.20.

Nurix Therapeutics (NASDAQ:NRIX) last announced its quarterly earnings results on Thursday, July 11th. The company reported ($0.71) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.08). Nurix Therapeutics had a negative net margin of 264.84% and a negative return on equity of 67.78%. The company had revenue of $12.09 million during the quarter, compared to the consensus estimate of $19.35 million. As a group, equities research analysts anticipate that Nurix Therapeutics, Inc. will post -2.95 EPS for the current year.

Insider Activity

In related news, insider Gwenn Hansen sold 3,408 shares of the stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $20.67, for a total transaction of $70,443.36. Following the completion of the sale, the insider now owns 45,150 shares in the company, valued at $933,250.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Gwenn Hansen sold 3,408 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $20.67, for a total value of $70,443.36. Following the completion of the sale, the insider now directly owns 45,150 shares in the company, valued at approximately $933,250.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Houte Hans Van sold 2,490 shares of the company’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $20.67, for a total transaction of $51,468.30. Following the transaction, the chief financial officer now owns 54,479 shares in the company, valued at approximately $1,126,080.93. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,815 shares of company stock worth $1,424,931. Corporate insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NRIX. GAMMA Investing LLC raised its position in shares of Nurix Therapeutics by 299.8% during the second quarter. GAMMA Investing LLC now owns 4,566 shares of the company’s stock worth $95,000 after acquiring an additional 3,424 shares during the last quarter. EntryPoint Capital LLC acquired a new position in Nurix Therapeutics during the 1st quarter valued at about $123,000. China Universal Asset Management Co. Ltd. boosted its stake in shares of Nurix Therapeutics by 67.6% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 9,404 shares of the company’s stock valued at $138,000 after purchasing an additional 3,793 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Nurix Therapeutics by 9.1% during the 1st quarter. ProShare Advisors LLC now owns 11,978 shares of the company’s stock worth $176,000 after buying an additional 998 shares during the period. Finally, Dark Forest Capital Management LP bought a new stake in shares of Nurix Therapeutics during the second quarter worth approximately $201,000.

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.