Nurix Therapeutics (NASDAQ:NRIX) Trading Down 6.2% – Here’s Why

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s share price dropped 6.2% during mid-day trading on Friday . The stock traded as low as $13.22 and last traded at $13.01. Approximately 162,418 shares were traded during trading, a decline of 81% from the average daily volume of 860,034 shares. The stock had previously closed at $13.87.

Wall Street Analyst Weigh In

NRIX has been the topic of several recent analyst reports. Stephens reiterated an “overweight” rating and set a $31.00 price objective on shares of Nurix Therapeutics in a research report on Tuesday, January 21st. Royal Bank of Canada lifted their price objective on shares of Nurix Therapeutics from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, January 29th. Leerink Partnrs upgraded shares of Nurix Therapeutics to a “hold” rating in a research report on Monday, March 17th. Stifel Nicolaus lifted their price objective on shares of Nurix Therapeutics from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, January 29th. Finally, BTIG Research initiated coverage on shares of Nurix Therapeutics in a research report on Tuesday, December 10th. They set a “buy” rating and a $35.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.88.

Nurix Therapeutics Stock Down 6.3 %

The stock has a market capitalization of $985.77 million, a PE ratio of -4.49 and a beta of 2.18. The stock’s 50 day moving average price is $17.00 and its 200-day moving average price is $20.77.

Nurix Therapeutics (NASDAQ:NRIX) last issued its earnings results on Tuesday, January 28th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. As a group, sell-side analysts predict that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Gwenn Hansen sold 3,690 shares of the company’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 completion of 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Houte Hans Van sold 5,825 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was 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 trade represents a 14.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,326 shares of company stock valued at $213,449. 7.20% of the stock is currently owned by company insiders.

Institutional Trading of Nurix Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its stake in Nurix Therapeutics by 2.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 31,025 shares of the company’s stock worth $585,000 after acquiring an additional 642 shares during the period. Corebridge Financial Inc. lifted its stake in Nurix Therapeutics by 2.3% in the fourth quarter. Corebridge Financial Inc. now owns 34,907 shares of the company’s stock worth $658,000 after acquiring an additional 770 shares during the period. Kennedy Capital Management LLC lifted its stake in Nurix Therapeutics by 0.7% in the fourth quarter. Kennedy Capital Management LLC now owns 114,623 shares of the company’s stock worth $2,159,000 after acquiring an additional 785 shares during the period. US Bancorp DE lifted its stake 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 acquiring an additional 842 shares during the period. Finally, Summit Investment Advisors Inc. raised 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 worth $138,000 after purchasing an additional 877 shares in the last quarter.

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.