Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Down – What’s Next?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares gapped down prior to trading on Monday . The stock had previously closed at $22.92, but opened at $22.30. Nurix Therapeutics shares last traded at $21.95, with a volume of 73,328 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NRIX. Oppenheimer raised their price target on shares of Nurix Therapeutics from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Royal Bank of Canada dropped their price target on Nurix Therapeutics from $27.00 to $26.00 and set an “outperform” rating on the stock in a research report on Monday, October 14th. UBS Group initiated coverage on Nurix Therapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $35.00 price objective on the stock. Truist Financial started coverage on shares of Nurix Therapeutics in a research report on Wednesday, July 31st. They set a “buy” rating and a $36.00 target price for the company. Finally, Robert W. Baird assumed coverage on shares of Nurix Therapeutics in a research note on Friday, September 6th. They issued an “outperform” rating and a $26.00 price objective for the company. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Nurix Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $29.40.

Nurix Therapeutics Stock Performance

The stock’s 50-day simple moving average is $24.48 and its 200-day simple moving average is $21.41. The firm has a market capitalization of $1.61 billion, a PE ratio of -7.83 and a beta of 2.20.

Nurix Therapeutics (NASDAQ:NRIX) last posted its quarterly earnings data on Friday, October 11th. The company reported ($0.67) earnings per share for the quarter, meeting the consensus estimate of ($0.67). The business had revenue of $12.59 million for the quarter, compared to analysts’ expectations of $13.85 million. Nurix Therapeutics had a negative return on equity of 63.39% and a negative net margin of 313.65%. As a group, analysts predict that Nurix Therapeutics, Inc. will post -2.81 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Christine Ring sold 9,870 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $25.01, for a total value of $246,848.70. Following the transaction, the insider now owns 24,592 shares of the company’s stock, valued at approximately $615,045.92. This trade represents a 28.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Houte Hans Van sold 3,546 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $24.28, for a total transaction of $86,096.88. Following the completion of the transaction, the chief financial officer now owns 33,724 shares in the company, valued at $818,818.72. The trade was a 9.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,321 shares of company stock worth $1,414,409. Corporate insiders own 9.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NRIX. Driehaus Capital Management LLC bought a new stake in Nurix Therapeutics during the 2nd quarter worth approximately $26,778,000. Redmile Group LLC raised its holdings in Nurix Therapeutics by 37.7% during the first quarter. Redmile Group LLC now owns 4,483,016 shares of the company’s stock valued at $65,900,000 after acquiring an additional 1,226,497 shares during the period. Samlyn Capital LLC purchased a new position in shares of Nurix Therapeutics in the second quarter valued at about $12,177,000. Sumitomo Mitsui Trust Group Inc. bought a new position in shares of Nurix Therapeutics in the third quarter worth about $12,432,000. Finally, FMR LLC raised its stake in Nurix Therapeutics by 675.9% during the 3rd quarter. FMR LLC now owns 586,902 shares of the company’s stock valued at $13,188,000 after purchasing an additional 511,256 shares during the period.

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.