Cinctive Capital Management LP Sells 120,202 Shares of Nurix Therapeutics, Inc. $NRIX

Key Points

• Cinctive Capital Management LP reduced its stake in Nurix Therapeutics by 75.6%, owning 38,770 shares worth approximately $461,000 after selling 120,202 shares in the 1st quarter.
• Despite Cinctive's selloff, other institutional investors such as Soleus Capital Management increased their stake by 97.3%, indicating varied interest among hedge funds in Nurix Therapeutics.
• Nurix reported a quarterly EPS of ($0.52), beating estimates of ($0.79), and achieved a revenue of $44.06 million, significantly higher than the forecast of $16.26 million.

Cinctive Capital Management LP decreased its holdings in shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX - Free Report) by 75.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,770 shares of the company's stock after selling 120,202 shares during the period. Cinctive Capital Management LP owned about 0.05% of Nurix Therapeutics worth $461,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. ARK Investment Management LLC raised its holdings in shares of Nurix Therapeutics by 4.0% in the 1st quarter. ARK Investment Management LLC now owns 1,590,910 shares of the company's stock worth $18,900,000 after buying an additional 60,617 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new stake in Nurix Therapeutics in the first quarter valued at $499,000. Vanguard Group Inc. raised its stake in Nurix Therapeutics by 1.6% during the first quarter. Vanguard Group Inc. now owns 4,415,122 shares of the company's stock worth $52,452,000 after acquiring an additional 69,856 shares in the last quarter. Invesco Ltd. raised its stake in Nurix Therapeutics by 126.3% during the first quarter. Invesco Ltd. now owns 117,635 shares of the company's stock worth $1,398,000 after acquiring an additional 65,655 shares in the last quarter. Finally, Vestal Point Capital LP lifted its holdings in shares of Nurix Therapeutics by 132.1% during the first quarter. Vestal Point Capital LP now owns 1,125,552 shares of the company's stock valued at $13,372,000 after acquiring an additional 640,552 shares during the period.

Insiders Place Their Bets

In related news, CFO Houte Hans Van sold 5,402 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were 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 directly 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 filing with the SEC, which is available at this link. Also, insider Gwenn Hansen sold 4,308 shares of the stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $12.01, for a total value of $51,739.08. Following the completion of the transaction, the insider directly owned 69,023 shares in the company, valued at approximately $828,966.23. This trade represents a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,014 shares of company stock worth $163,014 over the last quarter. Corporate insiders own 7.40% of the company's stock.

Wall Street Analysts Forecast Growth

NRIX has been the topic of several analyst reports. Morgan Stanley set a $16.00 target price on shares of Nurix Therapeutics and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Baird R W upgraded shares of Nurix Therapeutics to a "strong-buy" rating in a research report on Tuesday, August 26th. Oppenheimer reaffirmed an "outperform" rating and set a $30.00 price objective (down previously from $32.00) on shares of Nurix Therapeutics in a report on Thursday, July 31st. Wall Street Zen upgraded shares of Nurix Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Finally, Stephens restated an "overweight" rating and set a $30.00 price target on shares of Nurix Therapeutics in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.07.

Nurix Therapeutics Stock Performance

Shares of NASDAQ NRIX traded up $0.25 during trading on Thursday, reaching $9.20. The company had a trading volume of 670,865 shares, compared to its average volume of 741,401. Nurix Therapeutics, Inc. has a 52 week low of $8.18 and a 52 week high of $29.56. The business's 50 day moving average price is $10.73 and its 200-day moving average price is $11.32. The stock has a market cap of $703.34 million, a PE ratio of -3.52 and a beta of 2.10.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last released its quarterly earnings results on Wednesday, July 9th. The company reported ($0.52) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.27. Nurix Therapeutics had a negative net margin of 234.57% and a negative return on equity of 45.26%. The business had revenue of $44.06 million for the quarter, compared to analysts' expectations of $16.26 million. Equities analysts anticipate that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Nurix Therapeutics Company Profile

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.