Nurix Therapeutics (NASDAQ:NRIX) Trading Down 6.5% - What's Next?

Key Points

• Nurix Therapeutics shares fell by 6.5% to $9.07, with trading volume dropping significantly to 173,162 shares, compared to an average of 859,279 shares.
• Analysts have mixed views on the stock; while Baird upgraded it to "strong-buy," UBS lowered its price target from $30 to $26, leading to a consensus rating of "Moderate Buy" with a target price of $29.07.
• Despite reporting better-than-expected earnings with a revenue of $44.06 million, the company faces challenges with a negative net margin of 234.57% and a negative return on equity of 45.26%.

Nurix Therapeutics, Inc. (NASDAQ:NRIX - Get Free Report) shares traded down 6.5% on Tuesday . The company traded as low as $8.90 and last traded at $9.07. 173,162 shares were traded during mid-day trading, a decline of 80% from the average session volume of 859,279 shares. The stock had previously closed at $9.70.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Baird R W upgraded shares of Nurix Therapeutics to a "strong-buy" rating in a report on Tuesday, August 26th. UBS Group cut their price objective on shares of Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating on the stock in a report on Thursday, July 10th. Stephens reissued an "overweight" rating and issued 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 research report on Saturday, June 21st. Finally, HC Wainwright lowered their price objective on shares of Nurix Therapeutics from $36.00 to $34.00 and set a "buy" rating for the company in a research report on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.07.

Nurix Therapeutics Price Performance

The stock has a market capitalization of $692.64 million, a P/E ratio of -3.48 and a beta of 2.10. The stock's fifty day moving average is $10.92 and its two-hundred day moving average is $11.40.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 9th. The company reported ($0.52) EPS for the quarter, beating the consensus estimate of ($0.79) by $0.27. Nurix Therapeutics had a negative net margin of 234.57% and a negative return on equity of 45.26%. The business had revenue of $44.06 million during the quarter, compared to the consensus estimate of $16.26 million. Analysts expect that Nurix Therapeutics, Inc. will post -2.99 EPS for the current year.

Insider Buying and Selling at Nurix Therapeutics

In other news, CFO Houte Hans Van sold 5,402 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $11.03, for a total value of $59,584.06. Following the completion of the transaction, the chief financial officer owned 35,512 shares in the company, valued at $391,697.36. This represents a 13.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gwenn Hansen sold 4,308 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $12.01, for a total transaction of $51,739.08. Following the completion of the transaction, the insider owned 69,023 shares of the company's stock, valued at $828,966.23. This trade represents a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,014 shares of company stock worth $163,014 over the last 90 days. Company insiders own 7.40% of the company's stock.

Institutional Trading of Nurix Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nikko Asset Management Americas Inc. raised its position in Nurix Therapeutics by 83.8% during the second quarter. Nikko Asset Management Americas Inc. now owns 1,389,274 shares of the company's stock worth $15,796,000 after acquiring an additional 633,304 shares in the last quarter. Tower Research Capital LLC TRC raised its position 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 in the last quarter. Vestal Point Capital LP raised its position in shares of Nurix Therapeutics by 77.7% in the second quarter. Vestal Point Capital LP now owns 2,000,000 shares of the company's stock valued at $22,780,000 after purchasing an additional 874,448 shares during the period. Perceptive Advisors LLC raised its position in shares of Nurix Therapeutics by 268.7% in the second quarter. Perceptive Advisors LLC now owns 1,096,985 shares of the company's stock valued at $12,495,000 after purchasing an additional 799,432 shares during the period. Finally, Man Group plc bought a new position in shares of Nurix Therapeutics in the second quarter valued at about $322,000.

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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