Wall Street Zen Downgrades Nurix Therapeutics (NASDAQ:NRIX) to Strong Sell

Key Points

• Wall Street Zen has downgraded Nurix Therapeutics (NASDAQ:NRIX) from a "hold" to a "strong sell" rating, suggesting concerns about the company's financial performance.
• The company reported (1.03) earnings per share, missing the consensus estimate by (0.19), and generated significantly lower than expected revenue of $7.89 million for the quarter.
• Despite the downgrade, Nurix Therapeutics has a mix of ratings, with one analyst giving a "Strong Buy" and twelve others granting a "Buy" rating, leading to a consensus of "Moderate Buy" with an average target price of $28.14.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "strong sell" rating in a note issued to investors on Saturday.

NRIX has been the subject of several other research reports. Baird R W raised shares of Nurix Therapeutics to a "strong-buy" rating in a report on Tuesday, August 26th. Oppenheimer dropped their price target on shares of Nurix Therapeutics from $30.00 to $28.00 and set an "outperform" rating on the stock in a research report on Friday. UBS Group dropped their price target on shares of Nurix Therapeutics from $30.00 to $26.00 and set a "buy" rating on the stock in a research report on Thursday, July 10th. Stephens restated an "overweight" rating and set a $30.00 price target on shares of Nurix Therapeutics in a research report on Thursday, July 10th. Finally, HC Wainwright dropped their price target on shares of Nurix Therapeutics from $36.00 to $34.00 and set a "buy" rating on the stock in a research report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Nurix Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $28.14.

Nurix Therapeutics Trading Down 10.1%

NASDAQ NRIX opened at $9.76 on Friday. The company has a fifty day simple moving average of $9.53 and a two-hundred day simple moving average of $10.58. The stock has a market cap of $746.15 million, a P/E ratio of -3.29 and a beta of 2.33. Nurix Therapeutics has a 12-month low of $8.18 and a 12-month high of $29.56.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its earnings results on Thursday, October 9th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.19). Nurix Therapeutics had a negative return on equity of 50.45% and a negative net margin of 292.50%.The business had revenue of $7.89 million for the quarter, compared to analysts' expectations of $16.06 million. As a group, sell-side analysts forecast that Nurix Therapeutics will post -2.99 earnings per share for the current year.

Insider Transactions at Nurix Therapeutics

In other news, CFO Houte Hans Van sold 5,402 shares of the business'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 sale, the chief financial officer directly owned 35,512 shares of the company's stock, valued at approximately $391,697.36. The trade was a 13.20% decrease in their position. The transaction was disclosed in a legal 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 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 sale, the insider directly owned 69,023 shares in the company, valued at $828,966.23. This trade represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,014 shares of company stock worth $163,014 over the last 90 days. 7.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nurix Therapeutics

Several hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. lifted its position in shares of Nurix Therapeutics by 9.5% during the first quarter. Goldman Sachs Group Inc. now owns 507,471 shares of the company's stock worth $6,029,000 after purchasing an additional 44,002 shares in the last quarter. ARK Investment Management LLC increased its stake in shares of Nurix Therapeutics by 4.0% in the first quarter. ARK Investment Management LLC now owns 1,590,910 shares of the company's stock worth $18,900,000 after buying an additional 60,617 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new stake in shares of Nurix Therapeutics in the first quarter worth $499,000. Vanguard Group Inc. increased its stake in shares of Nurix Therapeutics by 1.6% in the first quarter. Vanguard Group Inc. now owns 4,415,122 shares of the company's stock worth $52,452,000 after buying an additional 69,856 shares during the last quarter. Finally, Vestal Point Capital LP increased its stake in shares of Nurix Therapeutics by 132.1% in the first quarter. Vestal Point Capital LP now owns 1,125,552 shares of the company's stock worth $13,372,000 after buying an additional 640,552 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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