Nurix Therapeutics, Inc. $NRIX Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group cut its Nurix stake by 12.2%, selling 120,385 shares in the third quarter; it still held 863,077 shares, worth about $20.5 million.
• Other institutional investors moved in the opposite direction: BlackRock and several firms initiated positions, while Dimensional Fund Advisors increased its holdings by 81.1%.
• NRIX was reported at $14.84, down 7.0%. Analysts had a “Moderate Buy” consensus and an average price target of $34.43; the company also reported quarterly results above consensus estimates.

Sumitomo Mitsui Trust Group Inc. cut its holdings in Nurix Therapeutics, Inc. (NASDAQ:NRIX - Free Report) by 12.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 863,077 shares of the company's stock after selling 120,385 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.79% of Nurix Therapeutics worth $20,464,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Nurix Therapeutics during the 2nd quarter valued at about $212,769,000. Trails Edge Capital Partners LP purchased a new stake in shares of Nurix Therapeutics in the 2nd quarter worth approximately $38,166,318. Bank of America Corp DE purchased a new stake in shares of Nurix Therapeutics in the 2nd quarter worth approximately $20,429,000. Elmind Capital LP purchased a new stake in shares of Nurix Therapeutics in the 2nd quarter worth approximately $11,159,600. Finally, Dimensional Fund Advisors LP lifted its position in shares of Nurix Therapeutics by 81.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 780,696 shares of the company's stock worth $12,094,000 after purchasing an additional 349,710 shares during the period.

Nurix Therapeutics Stock Down 7.0%

NASDAQ:NRIX opened at $14.84 on Friday. Nurix Therapeutics, Inc. has a 52 week low of $11.67 and a 52 week high of $28.23. The firm has a 50 day moving average of $24.49 and a 200 day moving average of $20.23. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 6.42 and a beta of 1.80.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its earnings results on Tuesday, October 13th. The company reported $4.73 earnings per share for the quarter, beating the consensus estimate of ($0.60) by $5.33. Nurix Therapeutics had a net margin of 42.01% and a return on equity of 49.34%. The company had revenue of $673.06 million during the quarter, compared to the consensus estimate of $24.35 million. As a group, analysts expect that Nurix Therapeutics, Inc. will post 1.14 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Nurix Therapeutics from $36.00 to $38.00 and gave the company an "overweight" rating in a report on Tuesday, July 28th. Needham & Company LLC reissued a "buy" rating and issued a $34.00 price objective on shares of Nurix Therapeutics in a research note on Tuesday, October 13th. UBS Group upped their target price on Nurix Therapeutics from $23.00 to $31.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Truist Financial dropped their target price on Nurix Therapeutics from $34.00 to $33.00 and set a "buy" rating on the stock in a research report on Tuesday, October 13th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nurix Therapeutics in a research report on Thursday, October 15th. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Nurix Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $34.43.

Trending Headlines about Nurix Therapeutics

Here are the key news stories impacting Nurix Therapeutics this week:

• Positive Sentiment: Nurix plans to present new and updated Phase 1a/1b data on bexobrutideg (NX-5948), its investigational BTK degrader for relapsed or refractory CLL/SLL, at the ASH annual meeting. The presentation may provide investors with fresh information on a key pipeline program, though the announcement does not disclose the results. Company announcement
• Neutral Sentiment: CFO Hans van Houte sold 4,769 shares under a pre-arranged Rule 10b5-1 plan. The sale reduced his holdings by about 10%, but the planned nature of the transaction makes it less clearly a signal of a change in his outlook. Insider sale report
• Negative Sentiment: Sanofi discontinued development of SAR448272, a STAT6 degrader licensed from Nurix. The loss of a partnered program is the clearest near-term negative catalyst for NRIX; reporting indicates the decision was not related to the STAT6 target itself. BioSpace report
• Negative Sentiment: Wells Fargo lowered its price target from $25 to $20, although it retained an “overweight” rating. The cut reflects reduced expectations, even as the rating signals continued optimism. Report on the price-target change

Insider Activity

In other news, CFO Hans van Houte sold 4,769 shares of the firm's stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $15.63, for a total value of $74,539.47. Following the completion of the sale, the chief financial officer owned 42,745 shares of the company's stock, valued at $668,104.35. This trade represents a 10.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julia Gregory sold 22,583 shares of the firm's stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $23.40, for a total value of $528,442.20. Following the completion of the sale, the director directly owned 10,750 shares of the company's stock, valued at $251,550. The trade was a 67.75% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 38,499 shares of company stock worth $893,645. Insiders own 6.70% of the company's stock.

Nurix Therapeutics Profile

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that regulate the activity and abundance of proteins involved in cancer and immune-related diseases. Its research is based on targeted protein modulation, including the use of the ubiquitin-proteasome system and E3 ligases to selectively eliminate or modify disease-causing proteins.

The company's pipeline includes oral targeted protein degraders and other small-molecule therapies. Its investigational programs include NX-5948, a Bruton's tyrosine kinase (BTK) degrader being studied in B-cell malignancies and autoimmune diseases, and NX-2127, an orally administered BTK degrader designed to combine BTK degradation with immune-system modulation.

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