Nurix Therapeutics (NASDAQ:NRIX) Trading Down 7.1% – Here’s Why

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s share price was down 7.1% during trading on Friday . The company traded as low as $18.03 and last traded at $18.13. Approximately 84,568 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 510,214 shares. The stock had previously closed at $19.51.

Analyst Upgrades and Downgrades

NRIX has been the subject of a number of research reports. Royal Bank of Canada decreased their target price on Nurix Therapeutics from $27.00 to $26.00 and set an “outperform” rating for the company in a report on Monday, October 14th. Needham & Company LLC restated a “buy” rating and set a $29.00 target price on shares of Nurix Therapeutics in a report on Tuesday, December 10th. BTIG Research began coverage on Nurix Therapeutics in a report on Tuesday, December 10th. They issued a “buy” rating and a $35.00 price target for the company. Stephens reissued an “overweight” rating and issued a $31.00 price objective on shares of Nurix Therapeutics in a research report on Monday, October 14th. Finally, BMO Capital Markets initiated coverage on Nurix Therapeutics in a research report on Friday, December 6th. They issued an “outperform” rating and a $35.00 target price for the company. One equities research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.35.

Nurix Therapeutics Trading Down 9.1 %

The company has a market cap of $1.26 billion, a price-to-earnings ratio of -6.10 and a beta of 2.14. The firm has a 50-day moving average price of $21.82 and a 200 day moving average price of $22.51.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings data on Friday, October 11th. The company reported ($0.67) EPS for the quarter, hitting analysts’ consensus estimates of ($0.67). The firm had revenue of $12.59 million during the quarter, compared to the consensus estimate of $13.85 million. Nurix Therapeutics had a negative net margin of 313.65% and a negative return on equity of 63.39%. Research analysts anticipate that Nurix Therapeutics, Inc. will post -2.81 earnings per share for the current fiscal year.

Insider Activity

In other Nurix Therapeutics news, insider Christine Ring sold 3,290 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $25.00, for a total value of $82,250.00. Following the completion of the transaction, the insider now owns 24,592 shares in the company, valued at approximately $614,800. This represents a 11.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Houte Hans Van sold 3,546 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $24.28, for a total transaction of $86,096.88. Following the completion of the sale, the chief financial officer now owns 33,724 shares in the company, valued at $818,818.72. The trade was a 9.51 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 12,641 shares of company stock valued at $309,408. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Nurix Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC boosted its position in Nurix Therapeutics by 80.7% during the 2nd quarter. Renaissance Technologies LLC now owns 324,000 shares of the company’s stock worth $6,762,000 after acquiring an additional 144,700 shares during the period. TD Asset Management Inc bought a new position in Nurix Therapeutics in the 2nd quarter valued at about $593,000. Barclays PLC grew its position in Nurix Therapeutics by 77.9% in the 3rd quarter. Barclays PLC now owns 128,344 shares of the company’s stock valued at $2,884,000 after buying an additional 56,190 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Nurix Therapeutics by 31.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 209,136 shares of the company’s stock valued at $4,365,000 after buying an additional 49,918 shares during the period. Finally, FMR LLC lifted its stake in shares of Nurix Therapeutics by 675.9% in the 3rd quarter. FMR LLC now owns 586,902 shares of the company’s stock worth $13,188,000 after acquiring an additional 511,256 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.