Nurix Therapeutics (NASDAQ:NRIX) Given New $20.00 Price Target at Wells Fargo & Company

Nurix Therapeutics (NASDAQ:NRIX) had its price target reduced by investment analysts at Wells Fargo & Company from $25.00 to $20.00 in a report issued on Wednesday, MarketBeat reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 25.39% from the stock’s previous close.

Several other research firms also recently commented on NRIX. Needham & Company LLC reiterated a “buy” rating and issued a $34.00 price objective on shares of Nurix Therapeutics in a report on Tuesday, October 13th. Mizuho upped their price objective on shares of Nurix Therapeutics from $30.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, July 13th. HC Wainwright upped their price objective on shares of Nurix Therapeutics from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 16th. Wall Street Zen upgraded shares of Nurix Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, October 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Thursday, October 15th. Fourteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.43.

Nurix Therapeutics Price Performance

NASDAQ:NRIX opened at $15.95 on Wednesday. Nurix Therapeutics has a one year low of $11.67 and a one year high of $28.23. The company has a market cap of $1.74 billion, a P/E ratio of 6.90 and a beta of 1.80. The firm’s fifty day moving average price is $24.73 and its two-hundred day moving average price is $20.25.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings data on Tuesday, October 13th. The company reported $4.73 EPS for the quarter, beating the consensus estimate of ($0.60) by $5.33. Nurix Therapeutics had a net margin of 42.01% and a return on equity of 49.34%. The firm had revenue of $673.06 million for the quarter, compared to the consensus estimate of $24.35 million. As a group, equities research analysts expect that Nurix Therapeutics will post 1.14 earnings per share for the current year.

Insider Activity

In other news, Director Julia Gregory sold 22,583 shares of the business’s stock in a transaction dated Wednesday, October 14th. The shares were sold at an average price of $23.40, for a total value of $528,442.20. Following the completion of the sale, the director owned 10,750 shares of the company’s stock, valued at approximately $251,550. The trade was a 67.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Hans van Houte sold 4,769 shares of the business’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $15.63, for a total transaction of $74,539.47. Following the completion of the sale, the chief financial officer directly owned 42,745 shares of the company’s stock, valued at approximately $668,104.35. The trade was a 10.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 38,499 shares of company stock valued at $893,645. 6.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC boosted its stake in shares of Nurix Therapeutics by 95.4% in the third quarter. GAMMA Investing LLC now owns 1,270 shares of the company’s stock valued at $30,000 after buying an additional 620 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Nurix Therapeutics by 7.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 14,916 shares of the company’s stock worth $348,000 after buying an additional 1,072 shares in the last quarter. AlphaCentric Advisors LLC grew its stake in Nurix Therapeutics by 4.5% during the third quarter. AlphaCentric Advisors LLC now owns 27,006 shares of the company’s stock worth $640,000 after buying an additional 1,161 shares in the last quarter. Nykredit A S acquired a new stake in Nurix Therapeutics during the second quarter worth about $32,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in Nurix Therapeutics during the second quarter worth about $33,000.

Key Stories Impacting Nurix Therapeutics

Here are the key news stories impacting Nurix Therapeutics this week:

• Positive Sentiment: Nurix plans to present new and updated Phase 1a/1b data on its investigational BTK degrader bexobrutideg (NX-5948) in relapsed/refractory CLL/SLL at the December ASH meeting. The update could provide a clinical catalyst for the company’s remaining pipeline. Nurix ASH announcement
• Neutral Sentiment: Wells Fargo lowered its price target from $25 to $20 but kept an “overweight” rating, reflecting a more cautious valuation while retaining a positive recommendation. Wells Fargo analyst update
• Neutral Sentiment: CFO Hans van Houte sold 4,769 shares under a pre-arranged Rule 10b5-1 trading plan. The planned nature of the transaction makes it less clearly a signal about his current view of the company. SEC filing
• Negative Sentiment: Sanofi decided to discontinue its Phase 1 trial and terminate SAR448272, a STAT6 degrader developed under its agreement with Nurix. The loss of a partnered program has raised concerns about the value of Nurix’s pipeline and is the main negative catalyst. Reporting indicated the decision was not related to the STAT6 target itself. Nurix announcement BioSpace report

About Nurix Therapeutics

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that regulate the activity and abundance of proteins involved in cancer and immune-related diseases. Its research is based on targeted protein modulation, including the use of the ubiquitin-proteasome system and E3 ligases to selectively eliminate or modify disease-causing proteins.

The company’s pipeline includes oral targeted protein degraders and other small-molecule therapies. Its investigational programs include NX-5948, a Bruton’s tyrosine kinase (BTK) degrader being studied in B-cell malignancies and autoimmune diseases, and NX-2127, an orally administered BTK degrader designed to combine BTK degradation with immune-system modulation.