Nurix Therapeutics (NASDAQ:NRIX) Stock Price Down 5.4% - Here's What Happened

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report)'s stock price dropped 5.4% during trading on Friday . The stock traded as low as $11.43 and last traded at $11.43. Approximately 294,157 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 846,367 shares. The stock had previously closed at $12.09.

Analyst Upgrades and Downgrades

NRIX has been the subject of a number of recent research reports. Oppenheimer set a $30.00 price target on shares of Nurix Therapeutics and gave the company an "outperform" rating in a research report on Thursday, July 10th. UBS Group cut their target price on shares of Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating for the company in a research report on Thursday, July 10th. Stephens restated an "overweight" rating and set a $30.00 target price on shares of Nurix Therapeutics in a research 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. Finally, Morgan Stanley set a $16.00 price target on shares of Nurix Therapeutics and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Nurix Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $29.31.

Nurix Therapeutics Stock Performance

The firm has a fifty day simple moving average of $11.47 and a 200-day simple moving average of $13.56. The company has a market capitalization of $857.00 million, a PE ratio of -4.30 and a beta of 2.15.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 9th. The company reported ($0.52) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.79) by $0.27. The company had revenue of $44,056 billion during the quarter, compared to analyst estimates of $16.26 million. Nurix Therapeutics had a negative return on equity of 45.26% and a negative net margin of 234.57%. As a group, research analysts anticipate that Nurix Therapeutics, Inc. will post -2.99 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Gwenn Hansen sold 3,377 shares of the firm's stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $11.50, for a total transaction of $38,835.50. Following the completion of the sale, the insider directly owned 61,516 shares of the company's stock, valued at $707,434. This trade represents a 5.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Houte Hans Van sold 6,198 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $11.33, for a total value of $70,223.34. Following the completion of the transaction, the chief financial officer owned 33,724 shares in the company, valued at $382,092.92. The trade was a 15.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,013 shares of company stock valued at $137,096 in the last quarter. Corporate insiders own 7.40% of the company's stock.

Institutional Trading of Nurix Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its position in Nurix Therapeutics by 2.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 31,025 shares of the company's stock worth $585,000 after buying an additional 642 shares during the last quarter. Corebridge Financial Inc. increased its position in Nurix Therapeutics by 2.3% during the fourth quarter. Corebridge Financial Inc. now owns 34,907 shares of the company's stock worth $658,000 after buying an additional 770 shares during the last quarter. Kennedy Capital Management LLC increased its position in Nurix Therapeutics by 0.7% during the fourth quarter. Kennedy Capital Management LLC now owns 114,623 shares of the company's stock worth $2,159,000 after buying an additional 785 shares during the last quarter. Summit Investment Advisors Inc. increased its position in Nurix Therapeutics by 13.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,345 shares of the company's stock worth $138,000 after buying an additional 877 shares during the last quarter. Finally, Arizona State Retirement System increased its position in Nurix Therapeutics by 8.7% during the first quarter. Arizona State Retirement System now owns 17,253 shares of the company's stock worth $205,000 after buying an additional 1,385 shares during the last quarter.

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.