Nurix Therapeutics (NASDAQ:NRIX) Stock Price Target Cut by Truist Financial

Key Points

• Truist Financial cut Nurix Therapeutics’ price target to $33 from $34 while maintaining a “buy” rating, implying approximately 48.9% upside from the prior close.
• Analyst sentiment remains broadly positive: 13 analysts rate the stock a Buy, one rates it Hold, and one rates it Sell, resulting in a consensus “Moderate Buy” rating and a $34.36 price target.
• NRIX opened at $22.16 and has a $2.30 billion market capitalization. Although the company exceeded quarterly earnings and revenue expectations, it reported deeply negative margins, while insiders sold 21,372 shares worth about $518,000 over the past three months.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) had its target price dropped by analysts at Truist Financial from $34.00 to $33.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target suggests a potential upside of 48.92% from the company's previous close.

Several other brokerages have also commented on NRIX. Weiss Ratings restated a "sell (d-)" rating on shares of Nurix Therapeutics in a report on Friday, July 17th. Morgan Stanley lifted their target price on shares of Nurix Therapeutics from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Tuesday, July 28th. Needham & Company LLC reissued a "buy" rating and issued a $34.00 target price on shares of Nurix Therapeutics in a research report on Tuesday. Stifel Nicolaus upped their price target on Nurix Therapeutics from $34.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, July 10th. Finally, Wall Street Zen upgraded Nurix Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, September 26th. Thirteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Nurix Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $34.36.

Nurix Therapeutics Price Performance

Shares of NRIX stock opened at $22.16 on Tuesday. Nurix Therapeutics has a 1-year low of $9.00 and a 1-year high of $28.23. The firm has a market cap of $2.30 billion, a PE ratio of -6.42 and a beta of 1.82. The company has a 50-day moving average of $25.22 and a two-hundred day moving average of $20.96.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 13th. The company reported $4.73 earnings per share for the quarter, beating analysts' consensus estimates of ($0.60) by $5.33. The business had revenue of $673.06 million during the quarter, compared to analysts' expectations of $24.35 million. Nurix Therapeutics had a negative net margin of 928.44% and a negative return on equity of 76.09%. Sell-side analysts anticipate that Nurix Therapeutics will post -2.69 EPS for the current fiscal year.

Insider Activity at Nurix Therapeutics

In related news, CFO Hans van Houte sold 4,761 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $24.36, for a total transaction of $115,977.96. Following the sale, the chief financial officer directly owned 40,166 shares of the company's stock, valued at $978,443.76. This represents a 10.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 4,356 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $25.00, for a total transaction of $108,900.00. Following the sale, the insider directly owned 117,227 shares in the company, valued at approximately $2,930,675. The trade was a 3.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 21,372 shares of company stock valued at $518,463. Insiders own 6.70% of the company's stock.

Institutional Trading of Nurix Therapeutics

A number of large investors have recently modified their holdings of NRIX. GAMMA Investing LLC raised its position in Nurix Therapeutics by 95.4% in the 3rd quarter. GAMMA Investing LLC now owns 1,270 shares of the company's stock valued at $30,000 after purchasing an additional 620 shares in the last quarter. Nykredit A S purchased a new position in Nurix Therapeutics in the second quarter valued at $32,000. Integrated Wealth Concepts LLC purchased a new position in Nurix Therapeutics in the second quarter valued at $33,000. KBC Group NV acquired a new stake in Nurix Therapeutics in the first quarter valued at $34,000. Finally, Avalon Trust Co acquired a new stake in Nurix Therapeutics in the second quarter valued at $64,000.

About Nurix Therapeutics

Nurix Therapeutics, Inc is a biopharmaceutical company focused on developing medicines that regulate the levels and activity of disease-causing proteins. Headquartered in San Francisco, California, the company uses its DELigase platform to discover therapies based on targeted protein degradation and immune-system modulation.

Nurix's pipeline includes oral targeted protein degraders designed to eliminate specific proteins involved in cancer and immune-cell function. Its lead programs have included NX-5948, a Bruton's tyrosine kinase degrader being evaluated for certain B-cell malignancies, and NX-2127, an investigational degrader designed to target BTK and other proteins relevant to cancer biology.

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