Nurix Therapeutics (NASDAQ:NRIX) Trading Down 6.2% – Here’s What Happened

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s stock price fell 6.2% during mid-day trading on Friday . The stock traded as low as $13.22 and last traded at $13.01. 162,418 shares were traded during mid-day trading, a decline of 81% from the average session volume of 860,034 shares. The stock had previously closed at $13.87.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NRIX. BMO Capital Markets began coverage on Nurix Therapeutics in a research note on Friday, December 6th. They issued an “outperform” rating and a $35.00 price objective for the company. Royal Bank of Canada lifted their price target on Nurix Therapeutics from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, January 29th. Morgan Stanley lifted their price target on Nurix Therapeutics from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. Leerink Partnrs upgraded Nurix Therapeutics to a “hold” rating in a research report on Monday. Finally, Stephens reiterated an “overweight” rating and set a $31.00 price target on shares of Nurix Therapeutics in a research report on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Nurix Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $30.88.

Nurix Therapeutics Price Performance

The stock has a 50 day moving average price of $17.10 and a 200-day moving average price of $20.88. The stock has a market capitalization of $990.70 million, a price-to-earnings ratio of -4.53 and a beta of 2.18.

Nurix Therapeutics (NASDAQ:NRIX) last issued its quarterly earnings results on Tuesday, January 28th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.08). Nurix Therapeutics had a negative return on equity of 53.65% and a negative net margin of 354.85%. As a group, research analysts forecast that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, insider Gwenn Hansen sold 3,690 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $19.85, for a total transaction of $73,246.50. Following the transaction, the insider now owns 55,937 shares of the company’s stock, valued at approximately $1,110,349.45. The trade was a 6.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Houte Hans Van sold 5,825 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.49, for a total value of $84,404.25. Following the transaction, the chief financial officer now directly owns 33,724 shares in the company, valued at $488,660.76. This trade represents a 14.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,326 shares of company stock valued at $213,449 over the last ninety days. Insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Nurix Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in Nurix Therapeutics by 85.2% in the third quarter. JPMorgan Chase & Co. now owns 68,148 shares of the company’s stock valued at $1,531,000 after purchasing an additional 31,352 shares during the period. Barclays PLC raised its position in Nurix Therapeutics by 77.9% in the third quarter. Barclays PLC now owns 128,344 shares of the company’s stock valued at $2,884,000 after purchasing an additional 56,190 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in Nurix Therapeutics by 42.7% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 789,222 shares of the company’s stock valued at $14,869,000 after purchasing an additional 235,971 shares during the period. FMR LLC raised its position in Nurix Therapeutics by 675.9% in the third quarter. FMR LLC now owns 586,902 shares of the company’s stock valued at $13,188,000 after purchasing an additional 511,256 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Nurix Therapeutics in the third quarter valued at $530,000.

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.