Braidwell LP Cuts Position in Nurix Therapeutics, Inc. $NRIX

Key Points

• Braidwell LP cut its Nurix Therapeutics stake by 26.5% in the second quarter, selling 463,997 shares and retaining 1.29 million shares valued at approximately $31.2 million.
• Nurix reported weaker-than-expected quarterly results, with a loss of $0.81 per share versus the $0.73 consensus estimate and revenue of $9.04 million against expectations of $15.29 million. Analysts expect a full-year loss of $2.73 per share.
• Despite mixed results and some insider selling, analyst sentiment remains favorable: NRIX has a “Moderate Buy” consensus rating and an average price target of $34.21, above its reported trading price of $25.82.

Braidwell LP reduced its position in Nurix Therapeutics, Inc. (NASDAQ:NRIX - Free Report) by 26.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,286,769 shares of the company's stock after selling 463,997 shares during the period. Braidwell LP owned approximately 1.24% of Nurix Therapeutics worth $31,217,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Larson Financial Group LLC raised its holdings in Nurix Therapeutics by 339.0% in the fourth quarter. Larson Financial Group LLC now owns 1,541 shares of the company's stock valued at $29,000 after buying an additional 1,190 shares during the period. Nykredit A S purchased a new stake in Nurix Therapeutics during the second quarter worth approximately $32,000. California State Teachers Retirement System increased its position in shares of Nurix Therapeutics by 2.2% in the fourth quarter. California State Teachers Retirement System now owns 68,019 shares of the company's stock worth $1,290,000 after acquiring an additional 1,476 shares in the last quarter. Intesa Sanpaolo Wealth Management acquired a new stake in shares of Nurix Therapeutics in the fourth quarter worth $31,000. Finally, Royal Bank of Canada raised its stake in shares of Nurix Therapeutics by 17.6% in the 4th quarter. Royal Bank of Canada now owns 10,842 shares of the company's stock valued at $206,000 after acquiring an additional 1,623 shares during the period.

Nurix Therapeutics Trading Down 0.8%

NASDAQ NRIX opened at $25.82 on Thursday. The company's fifty day simple moving average is $24.79 and its 200-day simple moving average is $19.21. Nurix Therapeutics, Inc. has a 52 week low of $8.19 and a 52 week high of $28.23. The stock has a market cap of $2.68 billion, a P/E ratio of -7.48 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 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 during the quarter, compared to analysts' expectations of $15.29 million. On average, research analysts expect that Nurix Therapeutics, Inc. will post -2.73 EPS for the current fiscal year.

Analyst Ratings Changes

NRIX has been the topic of several recent research reports. Wells Fargo & Company lowered shares of Nurix Therapeutics from an "overweight" rating to a "hold" rating and reduced their target price for the company from $28.00 to $25.00 in a report on Monday, June 8th. UBS Group raised their price objective on Nurix Therapeutics from $23.00 to $31.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Wall Street Zen upgraded Nurix Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. BTIG Research restated a "buy" rating and set a $32.00 price objective on shares of Nurix Therapeutics in a research note on Friday, July 10th. Finally, Truist Financial upped their target price on Nurix Therapeutics from $32.00 to $34.00 and gave the stock a "buy" rating in a research report on Friday, July 10th. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Nurix Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $34.21.

Insiders Place Their Bets

In other Nurix Therapeutics news, insider Gwenn Hansen sold 5,394 shares of the company's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $20.00, for a total value of $107,880.00. Following the completion of the transaction, the insider directly owned 115,005 shares of the company's stock, valued at $2,300,100. This represents a 4.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Houte Hans Van sold 4,761 shares of the firm's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $24.36, for a total value of $115,977.96. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 26,766 shares of company stock worth $626,343 in the last quarter. 6.70% of the stock is currently owned by company insiders.

Nurix Therapeutics Company Profile

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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