Wall Street Zen Downgrades Nurix Therapeutics (NASDAQ:NRIX) to Strong Sell

Nurix Therapeutics (NASDAQ:NRIX) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “strong sell” rating in a research report issued on Saturday.

Several other equities research analysts have also weighed in on the company. HC Wainwright lowered their price objective on Nurix Therapeutics from $36.00 to $34.00 and set a “buy” rating on the stock in a research note on Monday, July 14th. Stifel Nicolaus set a $33.00 target price on Nurix Therapeutics in a report on Friday. Piper Sandler reduced their target price on Nurix Therapeutics from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Friday. UBS Group reduced their target price on Nurix Therapeutics from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Thursday, July 10th. Finally, Morgan Stanley set a $16.00 target price on Nurix Therapeutics and gave the stock an “equal weight” rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Nurix Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.14.

Nurix Therapeutics Trading Down 10.1%

NRIX stock opened at $9.76 on Friday. Nurix Therapeutics has a 1-year low of $8.18 and a 1-year high of $29.56. The firm has a market cap of $750.35 million, a P/E ratio of -3.29 and a beta of 2.33. The business’s 50 day moving average is $9.53 and its 200-day moving average is $10.55.

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

Insider Buying and Selling at Nurix Therapeutics

In other Nurix Therapeutics news, insider Gwenn Hansen sold 4,308 shares of the company’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $12.01, for a total transaction of $51,739.08. Following the transaction, the insider owned 69,023 shares of the company’s stock, valued at approximately $828,966.23. This represents a 5.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Houte Hans Van sold 5,402 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $11.03, for a total value of $59,584.06. Following the transaction, the chief financial officer directly owned 35,512 shares in the company, valued at approximately $391,697.36. This represents a 13.20% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,014 shares of company stock worth $163,014. Company insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Nikko Asset Management Americas Inc. lifted its holdings in Nurix Therapeutics by 83.8% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 1,389,274 shares of the company’s stock worth $15,796,000 after buying an additional 633,304 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Nurix Therapeutics by 118.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company’s stock worth $73,000 after buying an additional 3,475 shares in the last quarter. Vestal Point Capital LP lifted its holdings in Nurix Therapeutics by 77.7% during the 2nd quarter. Vestal Point Capital LP now owns 2,000,000 shares of the company’s stock worth $22,780,000 after buying an additional 874,448 shares in the last quarter. Perceptive Advisors LLC lifted its holdings in Nurix Therapeutics by 268.7% during the 2nd quarter. Perceptive Advisors LLC now owns 1,096,985 shares of the company’s stock worth $12,495,000 after buying an additional 799,432 shares in the last quarter. Finally, Man Group plc acquired a new position in Nurix Therapeutics during the 2nd quarter worth $322,000.

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.