Nurix Therapeutics (NASDAQ:NRIX) Releases Quarterly Earnings Results

Key Points

• Nurix Therapeutics missed quarterly expectations, reporting EPS of ($0.81) versus the consensus estimate of ($0.73). Revenue also came in below forecasts at $9.04 million compared with expected $15.29 million.
• The stock rose on the day of the report, trading up $0.38 to $24.69, near its 12-month high of $25.09. Shares have a market cap of about $2.55 billion.
• Insider selling continued, including recent sales by Gwenn Hansen and CFO Houte Hans Van, while analysts remain broadly constructive with a Moderate Buy consensus and average price target of $32.20.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($0.08), FiscalAI reports. The firm had revenue of $9.04 million for the quarter, compared to analyst estimates of $15.29 million. Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%.

Nurix Therapeutics Stock Performance

Shares of NRIX traded up $0.38 during trading hours on Thursday, hitting $24.69. The stock had a trading volume of 1,250,638 shares, compared to its average volume of 1,553,993. Nurix Therapeutics has a 12-month low of $8.19 and a 12-month high of $25.09. The firm has a market cap of $2.55 billion, a P/E ratio of -7.81 and a beta of 1.80. The company's fifty day simple moving average is $18.16 and its 200 day simple moving average is $17.29.

Insider Transactions at Nurix Therapeutics

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 stock was sold at an average price of $20.00, for a total transaction of $107,880.00. Following the completion of the sale, the insider directly owned 115,005 shares in the company, valued at $2,300,100. This represents a 4.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Houte Hans Van sold 14,055 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $16.60, for a total value of $233,313.00. Following the completion of the transaction, the chief financial officer owned 37,592 shares in the company, valued at approximately $624,027.20. This trade represents a 27.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 25,051 shares of company stock valued at $434,466. 6.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. boosted its holdings in Nurix Therapeutics by 115.0% in the fourth quarter. Invesco Ltd. now owns 343,830 shares of the company's stock valued at $6,522,000 after purchasing an additional 183,909 shares during the last quarter. Voloridge Investment Management LLC increased its holdings in Nurix Therapeutics by 3.6% during the 4th quarter. Voloridge Investment Management LLC now owns 154,459 shares of the company's stock worth $2,930,000 after purchasing an additional 5,318 shares during the last quarter. Vestal Point Capital LP increased its holdings in Nurix Therapeutics by 35.0% during the 4th quarter. Vestal Point Capital LP now owns 4,690,000 shares of the company's stock worth $88,969,000 after purchasing an additional 1,215,000 shares during the last quarter. Virtus Investment Advisers LLC raised its position in shares of Nurix Therapeutics by 46.6% in the 4th quarter. Virtus Investment Advisers LLC now owns 13,949 shares of the company's stock valued at $265,000 after purchasing an additional 4,435 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Nurix Therapeutics by 7.6% in the 4th quarter. Wellington Management Group LLP now owns 275,178 shares of the company's stock valued at $5,220,000 after purchasing an additional 19,388 shares in the last quarter.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Oppenheimer initiated coverage on shares of Nurix Therapeutics in a research report on Monday, June 29th. They set an "outperform" rating and a $28.00 target price on the stock. Wells Fargo & Company downgraded Nurix Therapeutics from an "overweight" rating to a "hold" rating and cut their price target for the company from $28.00 to $25.00 in a report on Monday, June 8th. Jefferies Financial Group boosted their price target on Nurix Therapeutics from $41.00 to $45.00 and gave the company a "buy" rating in a report on Monday, June 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of Nurix Therapeutics in a research note on Tuesday, April 21st. Finally, Robert W. Baird upped their target price on Nurix Therapeutics from $26.00 to $33.00 and gave the company an "outperform" rating in a research note on Thursday, June 18th. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $32.20.

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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