Nurix Therapeutics (NASDAQ:NRIX) Stock Price Down 4% – Here’s Why

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s stock price fell 4% on Thursday . The stock traded as low as $17.60 and last traded at $17.4750. 365,365 shares were traded during mid-day trading, a decline of 67% from the average session volume of 1,091,245 shares. The stock had previously closed at $18.21.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. BTIG Research upped their price objective on shares of Nurix Therapeutics from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, December 9th. Wall Street Zen cut shares of Nurix Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Saturday, October 11th. HC Wainwright raised their price objective on shares of Nurix Therapeutics from $28.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, December 10th. Baird R W raised shares of Nurix Therapeutics to a “strong-buy” rating in a report on Tuesday, August 26th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $26.00 target price on shares of Nurix Therapeutics in a research report on Monday, December 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.73.

Nurix Therapeutics Price Performance

The stock has a market capitalization of $1.42 billion, a PE ratio of -6.24 and a beta of 1.87. The firm’s 50 day simple moving average is $14.47 and its 200 day simple moving average is $12.00.

Nurix Therapeutics (NASDAQ:NRIX) last released its earnings results on Thursday, October 9th. The company reported ($1.03) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.19). The business had revenue of $7.89 million for the quarter, compared to the consensus estimate of $16.06 million. Nurix Therapeutics had a negative net margin of 292.50% and a negative return on equity of 53.57%. Analysts expect that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current fiscal year.

Insider Activity

In other Nurix Therapeutics news, CFO Houte Hans Van sold 6,284 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $12.56, for a total value of $78,927.04. Following the transaction, the chief financial officer owned 37,592 shares in the company, valued at approximately $472,155.52. The trade was a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gwenn Hansen sold 4,087 shares of the stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $12.80, for a total transaction of $52,313.60. Following the sale, the insider owned 76,751 shares of the company’s stock, valued at approximately $982,412.80. This represents a 5.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 13,501 shares of company stock worth $171,305. Company insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Nurix Therapeutics by 0.5% during the third quarter. Vanguard Group Inc. now owns 4,488,776 shares of the company’s stock valued at $41,476,000 after buying an additional 23,269 shares during the period. Vestal Point Capital LP boosted its holdings in Nurix Therapeutics by 73.8% in the third quarter. Vestal Point Capital LP now owns 3,475,000 shares of the company’s stock worth $32,109,000 after acquiring an additional 1,475,000 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Nurix Therapeutics by 2.0% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,428,283 shares of the company’s stock worth $28,849,000 after acquiring an additional 47,855 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Nurix Therapeutics by 9.1% during the second quarter. Geode Capital Management LLC now owns 1,881,960 shares of the company’s stock valued at $21,437,000 after acquiring an additional 157,592 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Nurix Therapeutics by 11.9% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,557,479 shares of the company’s stock valued at $14,391,000 after purchasing an additional 165,841 shares in the last quarter.

About Nurix Therapeutics

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that harness the ubiquitin-proteasome system to selectively degrade disease-causing proteins. By modulating E3 ubiquitin ligases and related molecular machinery, Nurix aims to expand treatment options for patient populations with unmet medical needs in oncology and immunology.

The company’s pipeline includes multiple programs in various stages of development.