Bank of New York Mellon Corp Purchases New Shares in Nurix Therapeutics, Inc. $NRIX

Key Points

• Bank of New York Mellon purchased 272,640 Nurix Therapeutics shares in the second quarter, valued at approximately $6.6 million, representing about 0.26% of the company.
• Analyst sentiment remains generally positive: 13 analysts rate NRIX a Buy, while the consensus rating is Moderate Buy with an average price target of $34.21. However, Wells Fargo downgraded the stock to Hold, and insiders sold 26,766 shares worth $626,343 over the past three months.
• 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. The stock opened at $25.32, near its 12-month high of $28.23, while the company continues developing small-molecule therapies for oncology and immunology.

Bank of New York Mellon Corp bought a new position in shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 272,640 shares of the company's stock, valued at approximately $6,614,000. Bank of New York Mellon Corp owned approximately 0.26% of Nurix Therapeutics as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of NRIX. Larson Financial Group LLC lifted its position in shares of Nurix Therapeutics by 339.0% during the 4th quarter. Larson Financial Group LLC now owns 1,541 shares of the company's stock valued at $29,000 after acquiring an additional 1,190 shares during the period. Intesa Sanpaolo Wealth Management acquired a new position in Nurix Therapeutics in the fourth quarter valued at about $31,000. Caitong International Asset Management Co. Ltd acquired a new position in Nurix Therapeutics in the fourth quarter valued at about $33,000. KBC Group NV bought a new stake in Nurix Therapeutics during the first quarter worth about $34,000. Finally, Avalon Trust Co bought a new stake in Nurix Therapeutics during the second quarter worth about $64,000.

Insider Buying and Selling

In other Nurix Therapeutics news, insider Gwenn Hansen sold 1,452 shares of Nurix Therapeutics stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $25.47, for a total value of $36,982.44. Following the completion of the sale, the insider directly owned 117,227 shares in the company, valued at approximately $2,985,771.69. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Hans van Houte sold 4,761 shares of Nurix Therapeutics stock in a transaction 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 completion of the sale, the chief financial officer owned 40,166 shares of the company's stock, valued at $978,443.76. This represents a 10.60% decrease in their position. The SEC filing for this sale provides additional information. 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 in the last three months. Insiders own 6.70% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Wells Fargo & Company lowered shares of Nurix Therapeutics from an "overweight" rating to a "hold" rating and reduced their price target for the stock from $28.00 to $25.00 in a research report on Monday, June 8th. HC Wainwright boosted their price objective on shares of Nurix Therapeutics from $32.00 to $34.00 and gave the company a "buy" rating in a research report on Friday, July 10th. Weiss Ratings restated a "sell (d-)" rating on shares of Nurix Therapeutics in a research note on Friday, July 17th. Truist Financial raised their target price on Nurix Therapeutics from $32.00 to $34.00 and gave the company a "buy" rating in a report on Friday, July 10th. Finally, BTIG Research reiterated a "buy" rating and issued a $32.00 price target on shares of Nurix Therapeutics in a research note on Friday, July 10th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $34.21.

Nurix Therapeutics Trading Down 1.9%

Nurix Therapeutics stock opened at $25.32 on Friday. The stock has a 50-day moving average price of $24.84 and a two-hundred day moving average price of $19.28. Nurix Therapeutics, Inc. has a 12 month low of $8.19 and a 12 month high of $28.23. The company has a market capitalization of $2.63 billion, a PE ratio of -7.34 and a beta of 1.80.

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

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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