Nurix Therapeutics (NASDAQ:NRIX) Stock Price Target Cut by Wells Fargo & Company

Key Points

• Wells Fargo cut its price target on Nurix Therapeutics from $25 to $20 but maintained an Overweight rating; the new target implied 33.21% upside from the previous close.
• NRIX shares fell $10.81 to $15.01 on Wednesday, with trading volume more than twice its average.
• Analyst sentiment remained broadly positive: MarketBeat reported a Moderate Buy consensus and an average price target of $34.43, with 14 Buy ratings and one Sell rating.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) had its price objective lowered by Wells Fargo & Company from $25.00 to $20.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 33.21% from the company's previous close.

A number of other equities analysts have also commented on NRIX. Mizuho lifted their price objective on Nurix Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a research note on Monday, July 13th. BTIG Research reissued a "buy" rating and set a $32.00 target price on shares of Nurix Therapeutics in a research report on Friday, July 10th. HC Wainwright increased their target price on shares of Nurix Therapeutics from $34.00 to $36.00 and gave the company a "buy" rating in a research report on Friday, October 16th. Weiss Ratings restated a "sell (d-)" rating on shares of Nurix Therapeutics in a report on Thursday, October 15th. Finally, Truist Financial dropped their price target on shares of Nurix Therapeutics from $34.00 to $33.00 and set a "buy" rating on the stock in a research report on Tuesday, October 13th. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $34.43.

Nurix Therapeutics Price Performance

NASDAQ NRIX traded down $10.81 on Wednesday, reaching $15.01. The company had a trading volume of 3,480,166 shares, compared to its average volume of 1,595,882. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 6.61 and a beta of 1.80. Nurix Therapeutics has a fifty-two week low of $11.67 and a fifty-two week high of $28.23. The business has a 50 day moving average of $24.95 and a two-hundred day moving average of $20.27.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its earnings results on Tuesday, October 13th. The company reported $4.73 EPS for the quarter, topping the consensus estimate of ($0.60) by $5.33. Nurix Therapeutics had a return on equity of 49.34% and a net margin of 42.01%. The firm had revenue of $673.06 million for the quarter, compared to the consensus estimate of $24.35 million. As a group, research analysts predict that Nurix Therapeutics will post 1.14 earnings per share for the current fiscal year.

Insider Activity

In other Nurix Therapeutics news, CFO Hans van Houte sold 2,834 shares of the firm's stock in a transaction on Friday, October 30th. The shares were sold at an average price of $26.28, for a total value of $74,477.52. Following the completion of the sale, the chief financial officer directly owned 47,514 shares in the company, valued at approximately $1,248,667.92. This trade represents a 5.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Julia P. Gregory sold 22,583 shares of the firm's stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $23.40, for a total transaction of $528,442.20. Following the completion of the sale, the director owned 10,750 shares of the company's stock, valued at $251,550. The trade was a 67.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 33,730 shares of company stock worth $819,106 in the last quarter. 6.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nurix Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC increased 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 buying an additional 620 shares in the last quarter. Nykredit A S acquired a new position in Nurix Therapeutics during the 2nd quarter worth approximately $32,000. Integrated Wealth Concepts LLC bought a new position in Nurix Therapeutics in the second quarter worth approximately $33,000. KBC Group NV bought a new position in Nurix Therapeutics in the first quarter worth approximately $34,000. Finally, Avalon Trust Co bought a new position in Nurix Therapeutics in the second quarter worth approximately $64,000.

About Nurix Therapeutics

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that regulate the activity and abundance of proteins involved in cancer and immune-related diseases. Its research is based on targeted protein modulation, including the use of the ubiquitin-proteasome system and E3 ligases to selectively eliminate or modify disease-causing proteins.

The company's pipeline includes oral targeted protein degraders and other small-molecule therapies. Its investigational programs include NX-5948, a Bruton's tyrosine kinase (BTK) degrader being studied in B-cell malignancies and autoimmune diseases, and NX-2127, an orally administered BTK degrader designed to combine BTK degradation with immune-system modulation.

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