Nurix Therapeutics (NASDAQ:NRIX) Shares Down 8.7% – Here’s What Happened

Nurix Therapeutics, Inc. (NASDAQ:NRIX) traded down 8.7% during mid-day trading on Friday . The stock traded as low as $24.37 and last traded at $24.53. 572,000 shares were traded during mid-day trading, a decline of 36% from the average session volume of 897,350 shares. The stock had previously closed at $26.86.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NRIX. Jefferies Financial Group assumed coverage on Nurix Therapeutics in a research report on Friday, October 11th. They set a “buy” rating and a $41.00 target price on the stock. Robert W. Baird assumed coverage on Nurix Therapeutics in a research report on Friday, September 6th. They set an “outperform” rating and a $26.00 price target on the stock. Stephens reissued an “overweight” rating and issued a $31.00 price objective on shares of Nurix Therapeutics in a report on Monday, October 14th. Truist Financial initiated coverage on shares of Nurix Therapeutics in a report on Wednesday, July 31st. They issued a “buy” rating and a $36.00 target price on the stock. Finally, Oppenheimer upped their price target on shares of Nurix Therapeutics from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. One analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.40.

Nurix Therapeutics Stock Performance

The company has a market capitalization of $1.70 billion, a PE ratio of -8.60 and a beta of 2.20. The firm’s 50-day simple moving average is $24.55 and its 200 day simple moving average is $21.08.

Nurix Therapeutics (NASDAQ:NRIX) last issued its earnings results on Friday, October 11th. The company reported ($0.67) earnings per share for the quarter, hitting the consensus estimate of ($0.67). Nurix Therapeutics had a negative net margin of 313.65% and a negative return on equity of 63.39%. The company had revenue of $12.59 million for the quarter, compared to analyst estimates of $13.85 million. As a group, equities analysts anticipate that Nurix Therapeutics, Inc. will post -2.81 earnings per share for the current year.

Insider Activity at Nurix Therapeutics

In other news, insider Christine Ring sold 9,870 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $25.01, for a total transaction of $246,848.70. Following the completion of the transaction, the insider now directly owns 24,592 shares of the company’s stock, valued at $615,045.92. This trade represents a 28.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Houte Hans Van sold 2,368 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $24.30, for a total value of $57,542.40. Following the completion of the sale, the chief financial officer now directly owns 37,270 shares in the company, valued at approximately $905,661. The trade was a 5.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 57,321 shares of company stock valued at $1,414,409 in the last ninety days. Corporate insiders own 7.20% of the company’s stock.

Institutional Trading of Nurix Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NRIX. Amalgamated Bank grew its holdings in shares of Nurix Therapeutics by 30.6% during the third quarter. Amalgamated Bank now owns 2,182 shares of the company’s stock worth $49,000 after buying an additional 511 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Nurix Therapeutics by 31.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,330 shares of the company’s stock worth $54,000 after acquiring an additional 559 shares during the period. ProShare Advisors LLC raised its holdings in Nurix Therapeutics by 9.1% in the 1st quarter. ProShare Advisors LLC now owns 11,978 shares of the company’s stock valued at $176,000 after acquiring an additional 998 shares during the last quarter. Quest Partners LLC grew its position in shares of Nurix Therapeutics by 21.3% in the third quarter. Quest Partners LLC now owns 7,458 shares of the company’s stock valued at $168,000 after purchasing an additional 1,312 shares during the period. Finally, ClariVest Asset Management LLC increased its stake in Nurix Therapeutics by 2.9% in the second quarter. ClariVest Asset Management LLC now owns 63,149 shares of the company’s stock valued at $1,318,000 after purchasing an additional 1,766 shares during the last quarter.

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.