Nurix Therapeutics (NASDAQ:NRIX) Hits New 12-Month Low - Should You Sell?

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) shares hit a new 52-week low during trading on Monday . The stock traded as low as $11.38 and last traded at $11.75, with a volume of 192656 shares traded. The stock had previously closed at $12.15.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NRIX. BMO Capital Markets started coverage on Nurix Therapeutics in a research note on Friday, December 6th. They issued an "outperform" rating and a $35.00 price target for the company. Royal Bank of Canada upped their target price on Nurix Therapeutics from $26.00 to $27.00 and gave the company an "outperform" rating in a research report on Wednesday, January 29th. HC Wainwright reissued a "buy" rating and set a $36.00 target price on shares of Nurix Therapeutics in a report on Wednesday. Leerink Partners began coverage on Nurix Therapeutics in a research note on Monday, March 17th. They issued a "market perform" rating and a $16.00 price target for the company. Finally, Stifel Nicolaus increased their price objective on shares of Nurix Therapeutics from $34.00 to $36.00 and gave the stock a "buy" rating in a research note on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $30.88.

Nurix Therapeutics Stock Performance

The firm has a market cap of $738.73 million, a price-to-earnings ratio of -3.35 and a beta of 2.23. The business has a fifty day simple moving average of $15.65 and a 200-day simple moving average of $20.04.

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Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its quarterly earnings data 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, equities analysts anticipate that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Gwenn Hansen sold 3,690 shares of Nurix Therapeutics stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $19.85, for a total value of $73,246.50. Following the transaction, the insider now directly 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 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 2,811 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 $55,798.35. Following the sale, the chief financial officer now directly owns 39,549 shares of the company's stock, valued at $785,047.65. This represents a 6.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,326 shares of company stock valued at $213,449 over the last 90 days. 7.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NRIX. Wellington Management Group LLP raised its stake in Nurix Therapeutics by 3.0% during the fourth quarter. Wellington Management Group LLP now owns 3,586,605 shares of the company's stock worth $67,572,000 after buying an additional 104,500 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Nurix Therapeutics in the 4th quarter valued at about $28,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Nurix Therapeutics by 14.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 146,713 shares of the company's stock valued at $2,764,000 after purchasing an additional 18,189 shares during the period. Woodline Partners LP boosted its position in shares of Nurix Therapeutics by 0.5% during the 4th quarter. Woodline Partners LP now owns 338,462 shares of the company's stock valued at $6,377,000 after purchasing an additional 1,583 shares in the last quarter. Finally, Velan Capital Investment Management LP acquired a new stake in Nurix Therapeutics during the fourth quarter worth approximately $1,844,000.

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.