Nurix Therapeutics (NASDAQ:NRIX) Trading Down 4% – Here’s What Happened

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Baird R W upgraded Nurix Therapeutics to a “strong-buy” rating in a report on Tuesday, August 26th. Truist Financial initiated coverage on Nurix Therapeutics in a research report on Monday, November 24th. They set a “buy” rating and a $30.00 price target on the stock. Wells Fargo & Company increased their price objective on Nurix Therapeutics from $21.00 to $30.00 and gave the company an “overweight” rating in a report on Tuesday. 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. Finally, BTIG Research upped their price target 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. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $27.73.

Nurix Therapeutics Trading Down 1.7%

The business has a 50 day moving average of $14.16 and a two-hundred day moving average of $11.92. The firm has a market cap of $1.38 billion, a P/E ratio of -6.02 and a beta of 1.87.

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

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NRIX. Wexford Capital LP bought a new position in Nurix Therapeutics in the 3rd quarter valued at about $41,000. Tower Research Capital LLC TRC boosted its position in shares of 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 acquiring an additional 3,475 shares in the last quarter. Velan Capital Investment Management LP bought a new position in Nurix Therapeutics in the second quarter valued at approximately $114,000. Sherbrooke Park Advisers LLC acquired a new position in Nurix Therapeutics during the third quarter valued at approximately $100,000. Finally, 49 Wealth Management LLC acquired a new position in Nurix Therapeutics during the third quarter valued at approximately $108,000.

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.