JPMorgan Chase & Co. Issues Pessimistic Forecast for Nurix Therapeutics (NASDAQ:NRIX) Stock Price

Nurix Therapeutics (NASDAQ:NRIX - Free Report) had its target price lowered by JPMorgan Chase & Co. from $31.00 to $30.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other analysts also recently issued reports on NRIX. BTIG Research assumed coverage on shares of Nurix Therapeutics in a research report on Tuesday, December 10th. They issued a "buy" rating and a $35.00 price objective for the company. UBS Group assumed coverage on shares of Nurix Therapeutics in a research report on Thursday, October 24th. They issued a "buy" rating and a $35.00 price objective for the company. Jefferies Financial Group assumed coverage on shares of Nurix Therapeutics in a research report on Friday, October 11th. They issued a "buy" rating and a $41.00 price objective for the company. Stifel Nicolaus increased 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. Finally, Needham & Company LLC lowered their price objective on shares of Nurix Therapeutics from $29.00 to $28.00 and set a "buy" rating for the company in a research report on Wednesday. One analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $30.71.

Nurix Therapeutics Stock Performance

NRIX traded down $0.30 on Wednesday, reaching $19.71. 775,381 shares of the company's stock were exchanged, compared to its average volume of 594,254. The company's 50 day moving average is $20.05 and its 200-day moving average is $22.37. The company has a market cap of $1.50 billion, a price-to-earnings ratio of -6.82 and a beta of 2.14. Nurix Therapeutics has a twelve month low of $7.79 and a twelve month high of $29.56.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last posted 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 return on equity of 63.38% and a negative net margin of 354.85%. Sell-side analysts forecast that Nurix Therapeutics will post -2.73 EPS for the current year.

Insider Activity

In related news, CFO Houte Hans Van sold 2,811 shares of Nurix Therapeutics stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $19.85, for a total value of $55,798.35. Following the transaction, the chief financial officer now owns 39,549 shares of the company's stock, valued at approximately $785,047.65. This trade represents a 6.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Gwenn Hansen sold 3,690 shares of the firm's stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $19.85, for a total value of $73,246.50. Following the sale, the insider now owns 55,937 shares of the company's stock, valued at $1,110,349.45. The trade was a 6.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.20% of the company's stock.

Institutional Investors Weigh In On Nurix Therapeutics

Several institutional investors have recently made changes to their positions in NRIX. Amalgamated Bank lifted its holdings in Nurix Therapeutics by 30.6% in the 3rd quarter. Amalgamated Bank now owns 2,182 shares of the company's stock worth $49,000 after purchasing an additional 511 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nurix Therapeutics by 31.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,330 shares of the company's stock worth $54,000 after purchasing an additional 559 shares during the last quarter. Quest Partners LLC lifted its holdings in Nurix Therapeutics by 21.3% in the 3rd quarter. Quest Partners LLC now owns 7,458 shares of the company's stock worth $168,000 after purchasing an additional 1,312 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in Nurix Therapeutics by 8.4% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 30,024 shares of the company's stock worth $675,000 after purchasing an additional 2,329 shares during the last quarter. Finally, Quarry LP lifted its holdings in Nurix Therapeutics by 3,746.2% in the 3rd 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 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.