Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Down After Analyst Downgrade

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) gapped down before the market opened on Wednesday after Wells Fargo & Company lowered their price target on the stock from $25.00 to $20.00. The stock had previously closed at $25.82, but opened at $17.16. Wells Fargo & Company currently has an overweight rating on the stock. Nurix Therapeutics shares last traded at $15.1510, with a volume of 2,143,441 shares traded.

NRIX has been the subject of a number of other research reports. BTIG Research reissued a “buy” rating and issued a $32.00 target price on shares of Nurix Therapeutics in a report on Friday, July 10th. Robert W. Baird upped their price objective on shares of Nurix Therapeutics from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 13th. Truist Financial dropped their price objective on shares of Nurix Therapeutics from $34.00 to $33.00 and set a “buy” rating for the company in a research note on Tuesday, October 13th. Royal Bank Of Canada cut their target price on shares of Nurix Therapeutics from $36.00 to $35.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 13th. Finally, HC Wainwright boosted their target price on shares of Nurix Therapeutics from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 16th. Fourteen investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.43.

Insider Activity

In related news, CFO Hans van Houte sold 2,834 shares of the firm’s stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $26.28, for a total value of $74,477.52. Following the completion of the transaction, the chief financial officer owned 47,514 shares in the company, valued at $1,248,667.92. This trade represents a 5.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Julia Gregory sold 22,583 shares of Nurix Therapeutics stock in a transaction that occurred on Wednesday, October 14th. The stock was sold at an average price of $23.40, for a total transaction of $528,442.20. Following the sale, the director owned 10,750 shares in the company, valued at approximately $251,550. This represents a 67.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 33,730 shares of company stock valued at $819,106 over the last quarter. 6.70% of the stock is owned by company insiders.

Key Stories Impacting Nurix Therapeutics

Here are the key news stories impacting Nurix Therapeutics this week:

• Neutral Sentiment: Wells Fargo cut its price target on NRIX from $25 to $20 but maintained an “overweight” rating. The lower target reflects reduced expectations, while the retained rating signals the analyst still sees potential upside. Benzinga
• Negative Sentiment: Sanofi has discontinued its Phase 1 trial and terminated development of SAR448272, an oral STAT6 degrader developed with Nurix. The loss of the program raises concerns about Nurix’s partnered pipeline and is the main catalyst behind the selloff. Nurix-related coverage characterized the decision as not being due to a problem with the STAT6 target, but the program’s termination remains a setback. Nurix announcement on Sanofi’s decision BioSpace coverage

Hedge Funds Weigh In On Nurix Therapeutics

A number of hedge funds have recently modified their holdings of NRIX. AlphaCentric Advisors LLC grew its stake in shares of Nurix Therapeutics by 4.5% in the third quarter. AlphaCentric Advisors LLC now owns 27,006 shares of the company’s stock worth $640,000 after purchasing an additional 1,161 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Nurix Therapeutics during the 3rd quarter worth $126,000. China Universal Asset Management Co. Ltd. lifted its holdings in Nurix Therapeutics by 15.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 18,936 shares of the company’s stock worth $448,000 after buying an additional 2,479 shares during the period. Sterling Capital Management LLC lifted its holdings in Nurix Therapeutics by 310.4% during the 3rd quarter. Sterling Capital Management LLC now owns 2,885 shares of the company’s stock worth $68,000 after buying an additional 2,182 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Nurix Therapeutics by 95.4% during the 3rd quarter. GAMMA Investing LLC now owns 1,270 shares of the company’s stock worth $30,000 after buying an additional 620 shares during the period.

Nurix Therapeutics Trading Down 40.3%

The business has a 50-day simple moving average of $24.95 and a 200 day simple moving average of $20.27. The stock has a market cap of $1.68 billion, a P/E ratio of 6.68 and a beta of 1.80.

Nurix Therapeutics (NASDAQ:NRIX) last issued its quarterly earnings results on Tuesday, October 13th. The company reported $4.73 earnings per share for the quarter, beating the consensus estimate of ($0.60) by $5.33. Nurix Therapeutics had a return on equity of 49.34% and a net margin of 42.01%. The company had revenue of $673.06 million during the quarter, compared to analysts’ expectations of $24.35 million. As a group, equities analysts expect that Nurix Therapeutics, Inc. will post 1.14 earnings per share for the current year.

Nurix Therapeutics Company Profile

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that regulate the activity and abundance of proteins involved in cancer and immune-related diseases. Its research is based on targeted protein modulation, including the use of the ubiquitin-proteasome system and E3 ligases to selectively eliminate or modify disease-causing proteins.

The company’s pipeline includes oral targeted protein degraders and other small-molecule therapies. Its investigational programs include NX-5948, a Bruton’s tyrosine kinase (BTK) degrader being studied in B-cell malignancies and autoimmune diseases, and NX-2127, an orally administered BTK degrader designed to combine BTK degradation with immune-system modulation.