Nurix Therapeutics (NASDAQ:NRIX) Shares Down 7.1% - Time to Sell?

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) fell 7.1% on Friday . The company traded as low as $18.03 and last traded at $18.13. 84,568 shares were traded during mid-day trading, a decline of 83% from the average session volume of 510,214 shares. The stock had previously closed at $19.51.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NRIX. Stephens restated an "overweight" rating and set a $31.00 price objective on shares of Nurix Therapeutics in a report on Monday, October 14th. Needham & Company LLC reaffirmed a "buy" rating and set a $29.00 price objective on shares of Nurix Therapeutics in a research report on Tuesday, December 10th. Royal Bank of Canada dropped their target price on shares of Nurix Therapeutics from $27.00 to $26.00 and set an "outperform" rating on the stock in a report on Monday, October 14th. BTIG Research assumed coverage on Nurix Therapeutics in a report on Tuesday, December 10th. They issued a "buy" rating and a $35.00 price target for the company. Finally, HC Wainwright raised their price objective on shares of Nurix Therapeutics from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, December 11th. One investment analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $30.35.

Nurix Therapeutics Price Performance

The firm has a market capitalization of $1.29 billion, a P/E ratio of -6.27 and a beta of 2.14. The business's 50-day moving average is $21.82 and its 200 day moving average is $22.51.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its quarterly earnings results on Friday, October 11th. The company reported ($0.67) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.67). The business had revenue of $12.59 million during the quarter, compared to analysts' expectations of $13.85 million. Nurix Therapeutics had a negative return on equity of 63.39% and a negative net margin of 313.65%. Analysts anticipate that Nurix Therapeutics, Inc. will post -2.81 EPS for the current fiscal year.

Insider Buying and Selling at Nurix Therapeutics

In other Nurix Therapeutics news, insider Christine Ring sold 3,290 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $25.00, for a total value of $82,250.00. Following the completion of the transaction, the insider now directly owns 24,592 shares in the company, valued at approximately $614,800. This trade represents a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Houte Hans Van sold 3,546 shares of the company's stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $24.28, for a total value of $86,096.88. Following the completion of the transaction, the chief financial officer now directly owns 33,724 shares of the company's stock, valued at $818,818.72. This represents a 9.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,641 shares of company stock valued at $309,408. 7.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Driehaus Capital Management LLC purchased a new position in shares of Nurix Therapeutics in the 2nd quarter worth about $26,778,000. Samlyn Capital LLC purchased a new position in Nurix Therapeutics during the second quarter valued at approximately $12,177,000. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Nurix Therapeutics in the third quarter worth $12,432,000. FMR LLC raised its holdings in shares of Nurix Therapeutics by 675.9% in the 3rd quarter. FMR LLC now owns 586,902 shares of the company's stock valued at $13,188,000 after acquiring an additional 511,256 shares in the last quarter. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Nurix Therapeutics during the third quarter worth about $7,879,000.

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.