Nurix Therapeutics (NASDAQ:NRIX) Price Target Lowered to $15.00 at Morgan Stanley

Key Points

• Morgan Stanley lowered its price target for Nurix Therapeutics from $16.00 to $15.00, suggesting a potential upside of 61.73% from the stock's previous close.
• The company's latest earnings report revealed a loss of ($1.03) per share, missing analysts' estimates, and revenue fell significantly short of expectations at $7.89 million.
• Despite mixed ratings from analysts, the average consensus target price for Nurix Therapeutics stands at $27.79, indicating a general belief in the company's recovery potential.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) had its price objective reduced by stock analysts at Morgan Stanley from $16.00 to $15.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's price objective suggests a potential upside of 61.73% from the stock's previous close.

Other research analysts have also recently issued reports about the company. Stifel Nicolaus set a $33.00 price objective on Nurix Therapeutics in a research report on Friday. Baird R W raised Nurix Therapeutics to a "strong-buy" rating in a research report on Tuesday, August 26th. Stephens reaffirmed an "overweight" rating and set a $30.00 price objective on shares of Nurix Therapeutics in a research report on Thursday, July 10th. HC Wainwright reduced their price objective on Nurix Therapeutics from $34.00 to $33.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nurix Therapeutics in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $27.79.

Nurix Therapeutics Stock Performance

NASDAQ:NRIX traded down $0.45 on Tuesday, reaching $9.28. The company's stock had a trading volume of 486,141 shares, compared to its average volume of 905,776. Nurix Therapeutics has a 1-year low of $8.18 and a 1-year high of $29.56. The firm has a market cap of $713.06 million, a PE ratio of -3.13 and a beta of 2.33. The business's 50-day moving average price is $9.50 and its two-hundred day moving average price is $10.54.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last posted its earnings results on Thursday, October 9th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.19). The business had revenue of $7.89 million during the quarter, compared to analyst estimates of $16.06 million. Nurix Therapeutics had a negative net margin of 292.50% and a negative return on equity of 53.57%. As a group, sell-side analysts expect that Nurix Therapeutics will post -2.99 EPS for the current year.

Insider Activity at Nurix Therapeutics

In other news, insider Gwenn Hansen sold 4,308 shares of Nurix Therapeutics stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $12.01, for a total transaction 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. The trade was a 5.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Houte Hans Van sold 5,402 shares of Nurix Therapeutics stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $11.03, for a total value of $59,584.06. Following the transaction, the chief financial officer owned 35,512 shares of the company's stock, valued at $391,697.36. This represents a 13.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,014 shares of company stock valued at $163,014 over the last quarter. 7.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its stake in shares of Nurix Therapeutics by 118.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company's stock worth $73,000 after acquiring an additional 3,475 shares during the period. Exchange Traded Concepts LLC boosted its stake in shares of Nurix Therapeutics by 38.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 9,145 shares of the company's stock worth $109,000 after acquiring an additional 2,562 shares during the period. Velan Capital Investment Management LP bought a new position in shares of Nurix Therapeutics during the 2nd quarter worth approximately $114,000. E Fund Management Co. Ltd. bought a new position in shares of Nurix Therapeutics during the 1st quarter worth approximately $122,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Nurix Therapeutics during the 2nd quarter worth approximately $141,000.

About Nurix Therapeutics

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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