Nurix Therapeutics (NASDAQ:NRIX) Trading Down 4.4% - Time to Sell?

Key Points

• Nurix Therapeutics shares fell by 4.4% to $10.12, significantly below its previous close of $10.58, with trading volume down 43% from average levels.
• Despite the decline, analysts maintain a consensus rating of "Moderate Buy" and a price target averaging $28.87, with a mix of upgrades and downgrades in recent reports.
• Insider transactions reveal significant stock sales, including a 13.20% reduction in ownership by the CFO, raising potential concerns about insider confidence in the stock.

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) shares fell 4.4% during mid-day trading on Monday . The company traded as low as $10.08 and last traded at $10.12. 493,570 shares were traded during trading, a decline of 43% from the average session volume of 864,032 shares. The stock had previously closed at $10.58.

Analyst Upgrades and Downgrades

NRIX has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Nurix Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. HC Wainwright cut their price target on shares of Nurix Therapeutics from $36.00 to $34.00 and set a "buy" rating on the stock in a report on Monday, July 14th. Morgan Stanley set a $16.00 price target on shares of Nurix Therapeutics and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Needham & Company LLC reiterated a "buy" rating and issued a $27.00 price target on shares of Nurix Therapeutics in a report on Tuesday, April 29th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $30.00 price target (down previously from $32.00) on shares of Nurix Therapeutics in a report on Thursday, July 31st. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, Nurix Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.87.

Nurix Therapeutics Stock Down 3.6%

The firm has a market cap of $779.79 million, a price-to-earnings ratio of -3.91 and a beta of 2.14. The business has a 50 day moving average price of $11.66 and a 200-day moving average price of $12.34.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 9th. The company reported ($0.52) earnings per share for the quarter, beating analysts' consensus estimates of ($0.79) by $0.27. The firm 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%. Research analysts anticipate that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Nurix Therapeutics

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NRIX. Vanguard Group Inc. grew its holdings in Nurix Therapeutics by 1.6% during the first quarter. Vanguard Group Inc. now owns 4,415,122 shares of the company's stock worth $52,452,000 after purchasing an additional 69,856 shares during the period. Wellington Management Group LLP boosted its stake in shares of Nurix Therapeutics by 3.0% in the fourth quarter. Wellington Management Group LLP now owns 3,586,605 shares of the company's stock valued at $67,572,000 after buying an additional 104,500 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in shares of Nurix Therapeutics by 2.0% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,428,283 shares of the company's stock valued at $28,849,000 after buying an additional 47,855 shares during the period. Soleus Capital Management L.P. boosted its stake in shares of Nurix Therapeutics by 97.3% in the fourth quarter. Soleus Capital Management L.P. now owns 2,102,833 shares of the company's stock valued at $39,617,000 after buying an additional 1,036,999 shares during the period. Finally, Vestal Point Capital LP lifted its stake in Nurix Therapeutics by 77.7% during the second quarter. Vestal Point Capital LP now owns 2,000,000 shares of the company's stock worth $22,780,000 after purchasing an additional 874,448 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.

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