Wells Fargo & Company Issues Pessimistic Forecast for Nurix Therapeutics (NASDAQ:NRIX) Stock Price

Nurix Therapeutics (NASDAQ:NRIX) had its target price dropped by analysts at Wells Fargo & Company from $28.00 to $25.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 60.67% from the stock’s current price.

Several other analysts also recently issued reports on NRIX. HC Wainwright reissued a “buy” rating and issued a $32.00 price target on shares of Nurix Therapeutics in a research report on Monday, April 27th. Needham & Company LLC raised their price objective on shares of Nurix Therapeutics from $26.00 to $34.00 and gave the company a “buy” rating in a research note on Monday. Jefferies Financial Group lifted their price objective on shares of Nurix Therapeutics from $41.00 to $45.00 and gave the company a “buy” rating in a report on Monday. BTIG Research reissued a “buy” rating and set a $30.00 target price on shares of Nurix Therapeutics in a research report on Monday, May 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Nurix Therapeutics in a research report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.86.

Nurix Therapeutics Trading Up 6.3%

NRIX stock traded up $0.92 during midday trading on Monday, hitting $15.56. The stock had a trading volume of 17,398,159 shares, compared to its average volume of 1,276,667. The firm has a market cap of $1.61 billion, a P/E ratio of -4.93 and a beta of 1.86. The business has a fifty day moving average price of $16.33 and a two-hundred day moving average price of $16.88. Nurix Therapeutics has a 1-year low of $8.19 and a 1-year high of $22.50.

Nurix Therapeutics (NASDAQ:NRIX) last issued its quarterly earnings results on Wednesday, April 8th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.03). The business had revenue of $6.25 million for the quarter, compared to analyst estimates of $14.25 million. Nurix Therapeutics had a negative return on equity of 64.21% and a negative net margin of 411.37%. On average, equities analysts anticipate that Nurix Therapeutics will post -2.94 EPS for the current year.

Insider Activity

In other news, CFO Houte Hans Van sold 14,055 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $16.60, for a total transaction of $233,313.00. Following the sale, the chief financial officer directly owned 37,592 shares in the company, valued at $624,027.20. This represents a 27.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gwenn Hansen sold 3,214 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $16.65, for a total transaction of $53,513.10. Following the transaction, the insider directly owned 120,399 shares of the company’s stock, valued at approximately $2,004,643.35. This represents a 2.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 19,657 shares of company stock worth $326,586. Company insiders own 6.70% of the company’s stock.

Institutional Trading of Nurix Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Nurix Therapeutics by 32.5% in the fourth quarter. Vanguard Group Inc. now owns 5,949,512 shares of the company’s stock worth $112,862,000 after buying an additional 1,460,736 shares in the last quarter. General Atlantic L.P. purchased a new position in shares of Nurix Therapeutics during the 4th quarter worth approximately $92,899,000. Morgan Stanley boosted its holdings in shares of Nurix Therapeutics by 115.9% during the 4th quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock valued at $92,594,000 after buying an additional 2,620,323 shares in the last quarter. Vestal Point Capital LP grew its stake in shares of Nurix Therapeutics by 35.0% in the 4th quarter. Vestal Point Capital LP now owns 4,690,000 shares of the company’s stock worth $88,969,000 after buying an additional 1,215,000 shares during the last quarter. Finally, Baker BROS. Advisors LP grew its position in Nurix Therapeutics by 20.0% during the 4th quarter. Baker BROS. Advisors LP now owns 4,658,556 shares of the company’s stock valued at $88,373,000 after purchasing an additional 776,431 shares during the last quarter.

Key Nurix Therapeutics News

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

• Positive Sentiment: Nurix and Roche signed a global collaboration to co-develop and co-commercialize bexobrutideg, validating Nurix’s drug platform and expanding the asset’s reach across blood cancers, immunology, and neurology. Article Title
• Positive Sentiment: The agreement provides Nurix with $700 million upfront and up to $2.3 billion in total potential payments, a significant non-dilutive funding boost that could support further pipeline development. Article Title
• Positive Sentiment: Roche’s involvement and expanded clinical plans for chronic lymphocytic leukemia, multiple sclerosis, and chronic spontaneous urticaria suggest broader commercial potential for bexobrutideg than investors previously modeled. Article Title
• Positive Sentiment: Needham raised its price target on Nurix to $34 from $26 and kept a buy rating, reflecting improved confidence after the Roche deal. Article Title

Nurix Therapeutics Company Profile

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that harness the ubiquitin-proteasome system to selectively degrade disease-causing proteins. By modulating E3 ubiquitin ligases and related molecular machinery, Nurix aims to expand treatment options for patient populations with unmet medical needs in oncology and immunology.

The company’s pipeline includes multiple programs in various stages of development.