Nurix Therapeutics (NASDAQ:NRIX) Shares Down 6.9% - Here's Why

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) fell 6.9% during mid-day trading on Thursday . The stock traded as low as $13.61 and last traded at $13.54. 148,004 shares were traded during mid-day trading, a decline of 83% from the average session volume of 869,111 shares. The stock had previously closed at $14.54.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Stifel Nicolaus raised their price objective on Nurix Therapeutics from $34.00 to $36.00 and gave the stock a "buy" rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. dropped their price target on Nurix Therapeutics from $31.00 to $30.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 29th. Morgan Stanley boosted their price objective on Nurix Therapeutics from $16.00 to $17.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. Royal Bank of Canada increased their price objective on Nurix Therapeutics from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Wednesday, January 29th. Finally, Needham & Company LLC cut their target price on shares of Nurix Therapeutics from $29.00 to $28.00 and set a "buy" rating on the stock in a report on Wednesday, January 29th. One equities research analyst has rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Nurix Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $31.81.

Nurix Therapeutics Stock Down 8.9 %

The stock has a market capitalization of $1.00 billion, a PE ratio of -4.63 and a beta of 2.18. The firm's fifty day moving average is $17.79 and its 200-day moving average is $21.33.

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Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) 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 return on equity of 53.65% and a negative net margin of 354.85%. On average, analysts expect that Nurix Therapeutics, Inc. will post -2.99 EPS for the current year.

Insider Buying and Selling at Nurix Therapeutics

In other news, CFO Houte Hans Van sold 5,825 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.49, for a total value of $84,404.25. Following the completion of the transaction, the chief financial officer now owns 33,724 shares in the company, valued at $488,660.76. This trade represents a 14.73 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Gwenn Hansen sold 3,690 shares of the business's stock in a transaction dated Thursday, January 30th. The stock was 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 in the company, valued at approximately $1,110,349.45. This represents a 6.19 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,326 shares of company stock valued at $213,449. 7.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nurix Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Amalgamated Bank boosted its position in Nurix Therapeutics by 30.6% during the third quarter. Amalgamated Bank now owns 2,182 shares of the company's stock worth $49,000 after purchasing an additional 511 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Nurix Therapeutics in the 3rd quarter worth about $12,432,000. Victory Capital Management Inc. purchased a new stake in shares of Nurix Therapeutics in the 3rd quarter worth about $484,000. Quest Partners LLC grew its stake in Nurix Therapeutics by 21.3% in the 3rd quarter. Quest Partners LLC now owns 7,458 shares of the company's stock valued at $168,000 after acquiring an additional 1,312 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in Nurix Therapeutics during the 3rd quarter valued at about $425,000.

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.

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