Nurix Therapeutics (NASDAQ:NRIX) Trading Down 8.9% – Should You Sell?

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s stock price dropped 8.9% on Tuesday . The stock traded as low as $10.85 and last traded at $10.82. Approximately 150,237 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 896,136 shares. The stock had previously closed at $11.88.

Analyst Upgrades and Downgrades

NRIX has been the topic of a number of research reports. HC Wainwright raised their target price on shares of Nurix Therapeutics from $35.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. BTIG Research began coverage on Nurix Therapeutics in a research note on Tuesday, December 10th. They issued a “buy” rating and a $35.00 target price for the company. Leerink Partners started coverage on Nurix Therapeutics in a report on Monday, March 17th. They set a “market perform” rating and a $16.00 price target on the stock. Stephens restated an “overweight” rating and set a $31.00 price objective on shares of Nurix Therapeutics in a research report on Tuesday, January 21st. Finally, Morgan Stanley boosted their target price on shares of Nurix Therapeutics from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $30.88.

Nurix Therapeutics Trading Down 9.2 %

The company has a market capitalization of $818.90 million, a price-to-earnings ratio of -3.75 and a beta of 2.18. The stock’s fifty day simple moving average is $16.19 and its 200-day simple moving average is $20.26.

Nurix Therapeutics (NASDAQ:NRIX) last announced its quarterly earnings data on Tuesday, January 28th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.08). Nurix Therapeutics had a negative net margin of 354.85% and a negative return on equity of 53.65%. On average, analysts anticipate that Nurix Therapeutics, Inc. will post -2.99 EPS for the current fiscal year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 2,811 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $19.85, for a total value of $55,798.35. Following the sale, the chief financial officer now directly owns 39,549 shares of the company’s stock, valued at approximately $785,047.65. This represents a 6.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Gwenn Hansen sold 3,690 shares of the firm’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $19.85, for a total transaction of $73,246.50. Following the completion of the sale, the insider now owns 55,937 shares in the company, valued at $1,110,349.45. The trade was a 6.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,326 shares of company stock valued at $213,449. 7.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nurix Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in Nurix Therapeutics by 85.2% in the third quarter. JPMorgan Chase & Co. now owns 68,148 shares of the company’s stock valued at $1,531,000 after purchasing an additional 31,352 shares during the last quarter. Barclays PLC lifted its position in Nurix Therapeutics by 77.9% in the third quarter. Barclays PLC now owns 128,344 shares of the company’s stock valued at $2,884,000 after acquiring an additional 56,190 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Nurix Therapeutics by 42.7% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 789,222 shares of the company’s stock valued at $14,869,000 after acquiring an additional 235,971 shares in the last quarter. FMR LLC grew its holdings in shares of Nurix Therapeutics by 675.9% during the third quarter. FMR LLC now owns 586,902 shares of the company’s stock worth $13,188,000 after purchasing an additional 511,256 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Nurix Therapeutics by 52.4% during the third quarter. Franklin Resources Inc. now owns 123,101 shares of the company’s stock worth $2,766,000 after purchasing an additional 42,315 shares in 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.