Nurix Therapeutics (NASDAQ:NRIX) Given New $20.00 Price Target at Wells Fargo & Company

Nurix Therapeutics (NASDAQ:NRIX) had its target price lowered by research analysts at Wells Fargo & Company from $25.00 to $20.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 33.21% from the company’s previous close.

A number of other equities research analysts have also weighed in on NRIX. UBS Group upped their target price on shares of Nurix Therapeutics from $23.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Mizuho lifted their price target on Nurix Therapeutics from $30.00 to $34.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Thursday, October 15th. Oppenheimer increased their price objective on Nurix Therapeutics from $28.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 13th. Finally, Morgan Stanley raised their target price on Nurix Therapeutics from $36.00 to $38.00 and gave the company an “overweight” rating in a report on Tuesday, July 28th. Fourteen investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $34.43.

Nurix Therapeutics Stock Down 41.9%

NRIX traded down $10.81 during trading on Wednesday, hitting $15.01. 3,480,166 shares of the company’s stock were exchanged, compared to its average volume of 1,595,882. The business’s 50 day moving average is $24.95 and its two-hundred day moving average is $20.27. Nurix Therapeutics has a fifty-two week low of $11.67 and a fifty-two week high of $28.23. The stock has a market cap of $1.64 billion, a P/E ratio of 6.61 and a beta of 1.80.

Nurix Therapeutics (NASDAQ:NRIX) last issued its quarterly earnings data on Tuesday, October 13th. The company reported $4.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.60) by $5.33. The firm had revenue of $673.06 million during the quarter, compared to analysts’ expectations of $24.35 million. Nurix Therapeutics had a net margin of 42.01% and a return on equity of 49.34%. On average, sell-side analysts forecast that Nurix Therapeutics will post 1.14 earnings per share for the current year.

Insiders Place Their Bets

In other Nurix Therapeutics news, CFO Hans van Houte sold 2,834 shares of Nurix Therapeutics stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $26.28, for a total transaction of $74,477.52. Following the transaction, the chief financial officer owned 47,514 shares of the company’s stock, valued at $1,248,667.92. This trade represents a 5.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Gwenn Hansen sold 1,452 shares of Nurix Therapeutics stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $26.80, for a total transaction of $38,913.60. Following the transaction, the insider directly owned 123,452 shares in the company, valued at approximately $3,308,513.60. This represents a 1.16% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 33,730 shares of company stock valued at $819,106. Corporate insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Nurix Therapeutics

Several institutional investors have recently modified their holdings of NRIX. BlackRock Inc. bought a new position in Nurix Therapeutics during the second quarter valued at $212,769,000. Perceptive Advisors LLC increased its position in Nurix Therapeutics by 4.4% in the first quarter. Perceptive Advisors LLC now owns 3,710,877 shares of the company’s stock worth $57,519,000 after buying an additional 155,000 shares during the last quarter. Trails Edge Capital Partners LP bought a new stake in shares of Nurix Therapeutics in the second quarter valued at $38,166,318. Bank of America Corp DE bought a new stake in shares of Nurix Therapeutics in the second quarter valued at $20,429,000. Finally, Handelsbanken Fonder AB raised its stake in shares of Nurix Therapeutics by 15.7% in the second quarter. Handelsbanken Fonder AB now owns 633,000 shares of the company’s stock valued at $15,357,000 after buying an additional 86,000 shares during the period.

About Nurix Therapeutics

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.