Wells Fargo & Company Has Lowered Expectations for Nurix Therapeutics (NASDAQ:NRIX) Stock Price

Key Points

• Wells Fargo & Company downgraded its price target for Nurix Therapeutics (NASDAQ: NRIX) from $22.00 to $21.00, while maintaining an "overweight" rating, suggesting potential upside from the current stock price.
• Nurix Therapeutics missed quarterly earnings expectations, reporting a loss of ($1.03) EPS and revenue of $7.89 million, significantly lower than the anticipated $16.06 million.
• Research analysts show a mixed outlook on Nurix, with two recommending a Strong Buy, twelve a Buy, and one a Sell, contributing to an average price target of $27.07.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) had its price objective dropped by equities researchers at Wells Fargo & Company from $22.00 to $21.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price target suggests a potential upside of 96.81% from the company's previous close.

A number of other brokerages have also issued reports on NRIX. Stifel Nicolaus set a $33.00 price target on shares of Nurix Therapeutics in a research note on Friday, October 10th. Oppenheimer cut 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 note on Friday, October 10th. Royal Bank Of Canada reiterated an "outperform" rating and set a $29.00 price target on shares of Nurix Therapeutics in a research note on Wednesday. Morgan Stanley cut their target price on shares of Nurix Therapeutics from $16.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 14th. Finally, Stephens restated an "overweight" rating and set a $30.00 target price on shares of Nurix Therapeutics in a research note on Thursday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $27.07.

Nurix Therapeutics Trading Up 0.4%

Shares of NRIX opened at $10.67 on Thursday. The firm has a market cap of $820.31 million, a P/E ratio of -3.60 and a beta of 2.33. Nurix Therapeutics has a 12-month low of $8.18 and a 12-month high of $29.56. The company's 50-day moving average price is $9.48 and its 200 day moving average price is $10.51.

Nurix Therapeutics (NASDAQ:NRIX - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $7.89 million during the quarter, compared to analysts' expectations of $16.06 million. Nurix Therapeutics had a negative net margin of 292.50% and a negative return on equity of 53.57%. Equities research analysts forecast that Nurix Therapeutics will post -2.99 earnings per share for the current year.

Insider Buying and Selling at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 5,402 shares of the firm's 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 completion of the sale, the chief financial officer owned 35,512 shares of the company's stock, valued at approximately $391,697.36. This trade represents a 13.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gwenn Hansen sold 4,308 shares of the firm's stock in a transaction on 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 directly owned 69,023 shares of the company's stock, valued at approximately $828,966.23. This trade represents a 5.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,014 shares of company stock valued at $163,014. Corporate insiders own 7.40% of the company's stock.

Institutional Investors Weigh In On Nurix Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. lifted its holdings in Nurix Therapeutics by 9.5% in the first quarter. Goldman Sachs Group Inc. now owns 507,471 shares of the company's stock valued at $6,029,000 after acquiring an additional 44,002 shares during the period. ARK Investment Management LLC increased its position 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 valued at $18,900,000 after buying an additional 60,617 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new position in shares of Nurix Therapeutics in the first quarter valued at $499,000. Vanguard Group Inc. increased its position 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 valued at $52,452,000 after buying an additional 69,856 shares in the last quarter. Finally, Vestal Point Capital LP increased its position 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 valued at $13,372,000 after buying an additional 640,552 shares in the last quarter.

Nurix Therapeutics Company Profile

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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