BTIG Research Cuts Nurix Therapeutics (NASDAQ:NRIX) Price Target to $27.00

Key Points

• BTIG Research has reduced its price target for Nurix Therapeutics (NASDAQ:NRIX) from $35.00 to $27.00, while maintaining a "buy" rating on the stock.
• Analysts' predictions show a consensus target price for Nurix Therapeutics is approximately $27.13 with most ratings leaning towards "buy" or "outperform."
• Nurix Therapeutics reported disappointing financial results, with an earnings miss and revenue of $7.89 million, which was below analyst expectations of $16.06 million.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) had its target price dropped by analysts at BTIG Research from $35.00 to $27.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's price target points to a potential upside of 154.00% from the stock's previous close.

Several other equities analysts have also issued reports on the company. Morgan Stanley cut their target price on Nurix Therapeutics from $16.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 14th. Oppenheimer cut their target price on Nurix Therapeutics from $30.00 to $28.00 and set an "outperform" rating on the stock in a research note on Friday, October 10th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $29.00 target price on shares of Nurix Therapeutics in a research note on Wednesday. Mizuho began coverage on Nurix Therapeutics in a research note on Tuesday. They issued an "outperform" rating and a $24.00 target price on the stock. Finally, Piper Sandler dropped their price target on Nurix Therapeutics from $35.00 to $32.00 and set an "overweight" rating on the stock in a research note on Friday, October 10th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $27.13.

Nurix Therapeutics Trading Up 2.0%

Shares of Nurix Therapeutics stock opened at $10.63 on Thursday. The firm has a market cap of $817.23 million, a P/E ratio of -3.58 and a beta of 2.33. Nurix Therapeutics has a 12 month low of $8.18 and a 12 month high of $29.56. The stock's fifty day moving average price is $9.48 and its 200-day moving average price is $10.51.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last posted its earnings results on Thursday, October 9th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.19). Nurix Therapeutics had a negative net margin of 292.50% and a negative return on equity of 53.57%. The company had revenue of $7.89 million during the quarter, compared to analysts' expectations of $16.06 million. Analysts forecast that Nurix Therapeutics will post -2.99 earnings per share for the current year.

Insider Transactions at Nurix Therapeutics

In related news, CFO Houte Hans Van sold 5,402 shares of Nurix Therapeutics stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $11.03, for a total transaction of $59,584.06. Following the completion of the sale, the chief financial officer owned 35,512 shares of the company's stock, valued at $391,697.36. The trade was a 13.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Gwenn Hansen sold 4,308 shares of Nurix Therapeutics stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $12.01, for a total value of $51,739.08. Following the sale, the insider directly owned 69,023 shares of the company's stock, valued at $828,966.23. This trade represents a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,014 shares of company stock valued at $163,014 in the last ninety days. Corporate insiders own 7.40% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC lifted its holdings in Nurix Therapeutics by 118.3% in the second quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company's stock valued at $73,000 after acquiring an additional 3,475 shares during the period. Velan Capital Investment Management LP acquired a new position in Nurix Therapeutics in the second quarter valued at approximately $114,000. E Fund Management Co. Ltd. acquired a new position in Nurix Therapeutics in the first quarter valued at approximately $122,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Nurix Therapeutics in the second quarter valued at approximately $141,000. Finally, Sei Investments Co. acquired a new position in Nurix Therapeutics in the second quarter valued at approximately $158,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.