Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Down Following Weak Earnings

Key Points

• Nurix Therapeutics shares fell significantly after the company reported disappointing earnings, opening at $9.71, down from a previous close of $10.86.
• The company missed earnings expectations, reporting a loss of ($1.03) per share against a consensus estimate of ($0.84) and revenue of $7.89 million, far below the expected $16.06 million.
• Despite the poor earnings report, analysts maintain a moderate buy consensus rating on the stock, with a price target averaging $29.13.

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report)'s share price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $10.86, but opened at $9.71. Nurix Therapeutics shares last traded at $10.02, with a volume of 321,809 shares changing hands.

The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.19). Nurix Therapeutics had a negative net margin of 234.57% and a negative return on equity of 45.26%. The company had revenue of $7.89 million for the quarter, compared to analyst estimates of $16.06 million.

Analysts Set New Price Targets

A number of equities research analysts have commented on NRIX shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Nurix Therapeutics in a research note on Wednesday. Oppenheimer reduced their price objective on Nurix Therapeutics from $30.00 to $28.00 and set an "outperform" rating for the company in a research note on Friday. Stephens reissued an "overweight" rating and issued a $30.00 price objective on shares of Nurix Therapeutics in a research note on Thursday, July 10th. Baird R W upgraded shares of Nurix Therapeutics to a "strong-buy" rating in a report on Tuesday, August 26th. Finally, Wall Street Zen upgraded shares of Nurix Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Nurix Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.13.

Insider Activity

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

Institutional Trading of Nurix Therapeutics

Hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC lifted its holdings in Nurix Therapeutics by 118.3% during the second 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 increased 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 purchasing an additional 2,562 shares during the last quarter. Velan Capital Investment Management LP purchased a new stake in shares of Nurix Therapeutics during the 2nd quarter worth approximately $114,000. E Fund Management Co. Ltd. purchased a new stake in shares of Nurix Therapeutics during the 1st quarter worth approximately $122,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Nurix Therapeutics during the 2nd quarter worth approximately $141,000.

Nurix Therapeutics Stock Performance

The company has a market cap of $787.73 million, a PE ratio of -3.90 and a beta of 2.33. The company's 50 day moving average price is $9.56 and its 200-day moving average price is $10.60.

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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