Wall Street Zen Downgrades Nurix Therapeutics (NASDAQ:NRIX) to Sell

Key Points

• Wall Street Zen downgraded Nurix Therapeutics to “sell” from “hold,” contrasting with the broader analyst consensus of “Moderate Buy,” supported by 13 buy ratings and a $34.21 average price target.
• Nurix reported weaker-than-expected quarterly results, with an adjusted loss of $0.81 per share versus the $0.73 consensus estimate and revenue of $9.04 million versus expectations of $15.29 million.
• NRIX opened at $26.14, with a $2.71 billion market capitalization and a 1-year trading range of $8.19 to $28.23; insiders sold 26,766 shares worth $626,343 during the latest quarter.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other equities analysts also recently commented on the company. Truist Financial boosted their price objective on Nurix Therapeutics from $32.00 to $34.00 and gave the company a "buy" rating in a research report on Friday, July 10th. BTIG Research reissued a "buy" rating and set a $32.00 target price on shares of Nurix Therapeutics in a research note on Friday, July 10th. Morgan Stanley boosted their price target on Nurix Therapeutics from $36.00 to $38.00 and gave the stock an "overweight" rating in a report on Tuesday, July 28th. Royal Bank Of Canada upped their price target on Nurix Therapeutics from $33.00 to $36.00 and gave the stock an "outperform" rating in a research note on Monday, August 10th. Finally, Mizuho increased their price objective on shares of Nurix Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a report on Monday, July 13th. Thirteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Nurix Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $34.21.

Nurix Therapeutics Price Performance

NRIX opened at $26.14 on Friday. The company has a 50 day simple moving average of $24.91 and a two-hundred day simple moving average of $19.33. The firm has a market cap of $2.71 billion, a P/E ratio of -7.58 and a beta of 1.80. Nurix Therapeutics has a 1-year low of $8.19 and a 1-year high of $28.23.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its quarterly earnings data on Thursday, July 9th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.73) by ($0.08). Nurix Therapeutics had a negative net margin of 928.44% and a negative return on equity of 76.09%. The firm had revenue of $9.04 million for the quarter, compared to the consensus estimate of $15.29 million. Equities analysts anticipate that Nurix Therapeutics will post -2.73 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Hans van Houte sold 4,761 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $24.36, for a total transaction of $115,977.96. Following the completion of the transaction, the chief financial officer directly owned 40,166 shares in the company, valued at approximately $978,443.76. This represents a 10.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 5,394 shares of the firm's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $20.00, for a total transaction of $107,880.00. Following the completion of the transaction, the insider directly owned 115,005 shares of the company's stock, valued at approximately $2,300,100. This trade represents a 4.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 26,766 shares of company stock valued at $626,343 over the last quarter. Corporate insiders own 6.70% of the company's stock.

Institutional Trading of Nurix Therapeutics

A number of large investors have recently made changes to their positions in the business. General Atlantic L.P. bought a new stake in Nurix Therapeutics during the fourth quarter worth approximately $92,899,000. Trails Edge Capital Partners LP purchased a new stake in Nurix Therapeutics during the second quarter valued at approximately $38,166,318. Baker BROS. Advisors LP lifted its stake in shares of Nurix Therapeutics by 20.0% in the 4th quarter. Baker BROS. Advisors LP now owns 4,658,556 shares of the company's stock valued at $88,373,000 after purchasing an additional 776,431 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Nurix Therapeutics by 32.5% in the 4th quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company's stock worth $112,862,000 after purchasing an additional 1,460,736 shares during the period. Finally, Man Group plc purchased a new position in shares of Nurix Therapeutics in the 2nd quarter worth approximately $2,076,000.

About Nurix Therapeutics

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that harness the ubiquitin-proteasome system to selectively degrade disease-causing proteins. By modulating E3 ubiquitin ligases and related molecular machinery, Nurix aims to expand treatment options for patient populations with unmet medical needs in oncology and immunology.

The company's pipeline includes multiple programs in various stages of development.

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