Nurix Therapeutics (NASDAQ:NRIX) Trading Down 8.9% – Here’s Why

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s stock price fell 8.9% during trading on Tuesday . The stock traded as low as $10.85 and last traded at $10.82. 150,237 shares were traded during trading, a decline of 83% from the average session volume of 896,136 shares. The stock had previously closed at $11.88.

Wall Street Analysts Forecast Growth

NRIX has been the topic of several research analyst reports. Needham & Company LLC decreased their price target on shares of Nurix Therapeutics from $29.00 to $28.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Leerink Partners began coverage on Nurix Therapeutics in a research report on Monday, March 17th. They set a “market perform” rating and a $16.00 target price on the stock. Stephens reaffirmed an “overweight” rating and issued a $31.00 price target on shares of Nurix Therapeutics in a report on Tuesday, January 21st. Leerink Partnrs raised Nurix Therapeutics to a “hold” rating in a report on Monday, March 17th. Finally, BTIG Research assumed coverage on Nurix Therapeutics in a research note on Tuesday, December 10th. They issued a “buy” rating and a $35.00 target price for the company. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Nurix Therapeutics has an average rating of “Moderate Buy” and an average target price of $30.88.

Nurix Therapeutics Stock Up 8.7 %

The stock has a market capitalization of $863.59 million, a price-to-earnings ratio of -3.94 and a beta of 2.18. The stock’s 50-day simple moving average is $15.84 and its 200 day simple moving average is $20.10.

Nurix Therapeutics (NASDAQ:NRIX) last announced its earnings results on Tuesday, January 28th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate 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, equities research analysts anticipate that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insider Activity

In other news, insider Gwenn Hansen sold 3,690 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $19.85, for a total transaction of $73,246.50. Following the sale, the insider now directly owns 55,937 shares of the company’s stock, valued at $1,110,349.45. This represents a 6.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Houte Hans Van sold 5,825 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.49, for a total transaction of $84,404.25. Following the completion of the sale, the chief financial officer now directly owns 33,724 shares of the company’s stock, valued at approximately $488,660.76. This represents a 14.73 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,326 shares of company stock worth $213,449. 7.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Several large investors have recently made changes to their positions in the company. US Bancorp DE increased its position in Nurix Therapeutics by 144.7% in the fourth quarter. US Bancorp DE now owns 1,424 shares of the company’s stock worth $27,000 after purchasing an additional 842 shares during the period. GF Fund Management CO. LTD. acquired a new stake in shares of Nurix Therapeutics during the 4th quarter worth approximately $28,000. Quarry LP raised its stake in shares of Nurix Therapeutics by 3,746.2% during the third quarter. Quarry LP now owns 2,500 shares of the company’s stock worth $56,000 after buying an additional 2,435 shares during the last quarter. Aquatic Capital Management LLC bought a new stake in shares of Nurix Therapeutics during the fourth quarter worth approximately $87,000. Finally, Summit Investment Advisors Inc. lifted its holdings in Nurix Therapeutics by 13.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,345 shares of the company’s stock valued at $138,000 after buying an additional 877 shares during the period.

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.