Nurix Therapeutics (NASDAQ:NRIX) Stock Price Down 8.9% – What’s Next?

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) dropped 8.9% during mid-day trading on Tuesday . The company traded as low as $10.85 and last traded at $10.82. Approximately 150,237 shares were traded during trading, a decline of 83% from the average daily volume of 896,136 shares. The stock had previously closed at $11.88.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Morgan Stanley increased their price target on Nurix Therapeutics from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Leerink Partners initiated coverage on shares of Nurix Therapeutics in a research note on Monday, March 17th. They set a “market perform” rating and a $16.00 target price on the stock. Royal Bank of Canada upped their price target on shares of Nurix Therapeutics from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 29th. HC Wainwright reiterated a “buy” rating and set a $36.00 price objective on shares of Nurix Therapeutics in a research note on Wednesday. Finally, Needham & Company LLC dropped 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. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.88.

Nurix Therapeutics Trading Up 8.7 %

The company has a market cap of $863.59 million, a PE ratio of -3.94 and a beta of 2.18. The business’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 quarterly earnings results on Tuesday, January 28th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.08). Nurix Therapeutics had a negative net margin of 354.85% and a negative return on equity of 53.65%. On average, research analysts predict that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nurix Therapeutics news, CFO Houte Hans Van sold 5,825 shares of the stock in a transaction 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 transaction, the chief financial officer now directly owns 33,724 shares of the company’s stock, valued at $488,660.76. This represents a 14.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Gwenn Hansen sold 3,690 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $19.85, for a total value of $73,246.50. Following the transaction, the insider now owns 55,937 shares in the company, valued at approximately $1,110,349.45. This trade represents a 6.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,326 shares of company stock valued at $213,449 over the last ninety days. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

A number of large investors have recently added to or reduced their stakes in NRIX. The Manufacturers Life Insurance Company boosted its holdings in shares of Nurix Therapeutics by 32.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 30,383 shares of the company’s stock worth $683,000 after buying an additional 7,441 shares during the period. FMR LLC lifted its position in Nurix Therapeutics by 675.9% during the 3rd quarter. FMR LLC now owns 586,902 shares of the company’s stock worth $13,188,000 after acquiring an additional 511,256 shares during the last quarter. Patient Square Capital LP bought a new stake in Nurix Therapeutics during the third quarter valued at about $7,320,000. Polar Asset Management Partners Inc. acquired a new stake in shares of Nurix Therapeutics in the third quarter valued at about $607,000. Finally, Quarry LP increased its stake in shares of Nurix Therapeutics by 3,746.2% in the third quarter. Quarry LP now owns 2,500 shares of the company’s stock worth $56,000 after purchasing an additional 2,435 shares during the period.

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.