Nurix Therapeutics (NASDAQ:NRIX) Announces Quarterly Earnings Results

Key Points

• Nurix Therapeutics reported a quarterly earnings loss of ($1.03) per share, missing the consensus estimate by ($0.19), and its revenue was $7.89 million, significantly lower than the expected $16.06 million.
• Despite missing earnings expectations, shares of Nurix Therapeutics saw an 8.8% increase in trading, with stock priced at $10.86 following the earnings announcement.
• Wall Street analysts have given mixed ratings, with a consensus rating of "Moderate Buy" and a price target averaging around $29.27, indicating potential for future growth despite recent performance setbacks.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) posted its earnings results on Thursday. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.19), Zacks reports. Nurix Therapeutics had a negative return on equity of 45.26% and a negative net margin of 234.57%.The firm had revenue of $7.89 million during the quarter, compared to the consensus estimate of $16.06 million.

Nurix Therapeutics Trading Up 8.8%

Nurix Therapeutics stock opened at $10.86 on Friday. Nurix Therapeutics has a 1 year low of $8.18 and a 1 year high of $29.56. The company has a market cap of $830.25 million, a PE ratio of -4.16 and a beta of 2.33. The company's 50-day moving average is $9.56 and its two-hundred day moving average is $10.60.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, insider Gwenn Hansen sold 4,308 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $12.01, for a total transaction of $51,739.08. Following the transaction, the insider directly owned 69,023 shares in the company, valued at approximately $828,966.23. This represents a 5.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Houte Hans Van sold 5,402 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $11.03, for a total transaction of $59,584.06. Following the transaction, the chief financial officer owned 35,512 shares in the company, valued at approximately $391,697.36. The trade was a 13.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,014 shares of company stock worth $163,014. Corporate insiders own 7.40% of the company's stock.

Institutional Trading of Nurix Therapeutics

A number of hedge funds have recently modified their holdings of NRIX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Nurix Therapeutics by 11.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 49,804 shares of the company's stock valued at $593,000 after acquiring an additional 5,286 shares during the period. Millennium Management LLC raised its position in shares of Nurix Therapeutics by 106.2% in the 1st quarter. Millennium Management LLC now owns 874,399 shares of the company's stock valued at $10,388,000 after acquiring an additional 450,262 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Nurix Therapeutics by 9.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 507,471 shares of the company's stock valued at $6,029,000 after acquiring an additional 44,002 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Nurix Therapeutics by 8.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 159,530 shares of the company's stock valued at $1,895,000 after acquiring an additional 12,817 shares during the period. Finally, Creative Planning acquired a new stake in shares of Nurix Therapeutics in the 2nd quarter valued at approximately $187,000.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NRIX. Stephens reaffirmed an "overweight" rating and issued a $30.00 target price on shares of Nurix Therapeutics in a report on Thursday, July 10th. UBS Group lowered their target price on shares of Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, July 10th. Wall Street Zen raised shares of Nurix Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Baird R W upgraded shares of Nurix Therapeutics to a "strong-buy" rating in a research report on Tuesday, August 26th. Finally, Oppenheimer reiterated an "outperform" rating and set a $30.00 price target (down previously from $32.00) on shares of Nurix Therapeutics in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.27.

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.

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