Nurix Therapeutics (NASDAQ:NRIX) Trading Down 8.9% - Here's What Happened

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report)'s share price was down 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 mid-day trading, a decline of 83% from the average daily volume of 896,136 shares. The stock had previously closed at $11.88.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Stephens reissued an "overweight" rating and set a $31.00 target price on shares of Nurix Therapeutics in a research report on Tuesday, January 21st. Leerink Partnrs upgraded Nurix Therapeutics to a "hold" rating in a research note on Monday, March 17th. BTIG Research started coverage on Nurix Therapeutics in a research note on Tuesday, December 10th. They set a "buy" rating and a $35.00 price target on the stock. 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 reduced their price target 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, January 29th. Three equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Nurix Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $30.88.

Nurix Therapeutics Price Performance

The stock has a 50 day simple moving average of $15.45 and a two-hundred day simple moving average of $19.89. The company has a market cap of $738.73 million, a price-to-earnings ratio of -3.35 and a beta of 2.23.

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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) 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%. As a group, research analysts forecast that Nurix Therapeutics, Inc. will post -2.99 EPS for the current year.

Insiders Place Their Bets

In other news, insider Gwenn Hansen sold 3,690 shares of the company's stock in a transaction that occurred on 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Houte Hans Van sold 5,825 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was 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. The trade was a 14.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,326 shares of company stock valued at $213,449 over the last quarter. 7.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NRIX. The Manufacturers Life Insurance Company lifted its stake in 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 acquiring an additional 7,441 shares in the last quarter. FMR LLC increased its stake 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 buying an additional 511,256 shares during the period. Polar Asset Management Partners Inc. acquired a new stake in Nurix Therapeutics during the 3rd quarter worth approximately $607,000. Quarry LP boosted its position in Nurix Therapeutics by 3,746.2% in the 3rd quarter. Quarry LP now owns 2,500 shares of the company's stock valued at $56,000 after buying an additional 2,435 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Nurix Therapeutics by 8.8% in the third quarter. Wellington Management Group LLP now owns 3,482,105 shares of the company's stock worth $78,243,000 after acquiring an additional 280,240 shares in the last quarter.

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.