Nurix Therapeutics (NASDAQ:NRIX) Shares Down 6.2% - Should You Sell?

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) traded down 6.2% on Friday . The company traded as low as $13.22 and last traded at $13.01. 162,418 shares changed hands during trading, a decline of 81% from the average session volume of 860,034 shares. The stock had previously closed at $13.87.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NRIX. JPMorgan Chase & Co. decreased their target price on Nurix Therapeutics from $31.00 to $30.00 and set an "overweight" rating for the company in a research report on Wednesday, January 29th. BTIG Research initiated coverage on Nurix Therapeutics in a report on Tuesday, December 10th. They issued a "buy" rating and a $35.00 price objective for the company. Stephens restated an "overweight" rating and set a $31.00 target price on shares of Nurix Therapeutics in a report on Tuesday, January 21st. Leerink Partners assumed coverage on shares of 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, Morgan Stanley boosted their price objective on shares of Nurix Therapeutics from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Monday, February 3rd. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Nurix Therapeutics has an average rating of "Moderate Buy" and an average target price of $30.88.

Nurix Therapeutics Price Performance

The business's 50 day moving average price is $17.00 and its 200 day moving average price is $20.74. The stock has a market capitalization of $1.02 billion, a P/E ratio of -4.65 and a beta of 2.18.

Remove Ads

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last posted 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, analysts forecast that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current fiscal year.

Insider Activity at Nurix Therapeutics

In other news, CFO Houte Hans Van sold 5,825 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were 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 owns 33,724 shares of the company's stock, valued at $488,660.76. This represents a 14.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Gwenn Hansen sold 3,690 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $19.85, for a total transaction of $73,246.50. Following the completion of the transaction, the insider now owns 55,937 shares in the company, valued at $1,110,349.45. This trade represents a 6.19 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,326 shares of company stock worth $213,449. 7.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Nurix Therapeutics

Hedge funds have recently modified their holdings of the business. FMR LLC lifted its position in Nurix Therapeutics by 1,711.9% during the fourth quarter. FMR LLC now owns 10,634,231 shares of the company's stock valued at $200,349,000 after purchasing an additional 10,047,329 shares in the last quarter. RA Capital Management L.P. bought a new position in shares of Nurix Therapeutics in the fourth quarter worth about $25,120,000. Soleus Capital Management L.P. lifted its position in shares of Nurix Therapeutics by 97.3% during the 4th quarter. Soleus Capital Management L.P. now owns 2,102,833 shares of the company's stock valued at $39,617,000 after buying an additional 1,036,999 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Nurix Therapeutics during the 4th quarter valued at approximately $16,447,000. Finally, Boxer Capital Management LLC bought a new position in shares of Nurix Therapeutics during the 4th quarter valued at approximately $10,608,000.

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.