Nurix Therapeutics (NASDAQ:NRIX) Trading Down 7.1% – Here’s What Happened

Shares of Nurix Therapeutics, Inc. (NASDAQ:NRIX) dropped 7.1% on Friday . The stock traded as low as $18.03 and last traded at $18.13. Approximately 84,568 shares changed hands during trading, a decline of 83% from the average daily volume of 510,214 shares. The stock had previously closed at $19.51.

Analyst Upgrades and Downgrades

Several brokerages have commented on NRIX. Royal Bank of Canada dropped their price target on shares of Nurix Therapeutics from $27.00 to $26.00 and set an “outperform” rating on the stock in a research report on Monday, October 14th. BMO Capital Markets initiated coverage on shares of Nurix Therapeutics in a research note on Friday, December 6th. They set an “outperform” rating and a $35.00 target price for the company. Jefferies Financial Group began coverage on shares of Nurix Therapeutics in a research report on Friday, October 11th. They issued a “buy” rating and a $41.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and set a $29.00 price objective on shares of Nurix Therapeutics in a research report on Tuesday, December 10th. Finally, BTIG Research started coverage on Nurix Therapeutics in a report on Tuesday, December 10th. They issued a “buy” rating and a $35.00 target price on the stock. One investment analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.35.

Nurix Therapeutics Trading Down 9.1 %

The business’s 50-day simple moving average is $21.82 and its 200-day simple moving average is $22.51. The company has a market cap of $1.26 billion, a PE ratio of -6.10 and a beta of 2.14.

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

Insider Transactions at Nurix Therapeutics

In other news, CFO Houte Hans Van sold 2,368 shares of the company’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $24.30, for a total transaction of $57,542.40. Following the completion of the sale, the chief financial officer now owns 37,270 shares in the company, valued at approximately $905,661. This represents a 5.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Gwenn Hansen sold 3,437 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $24.30, for a total value of $83,519.10. Following the completion of the sale, the insider now owns 50,670 shares of the company’s stock, valued at approximately $1,231,281. This trade represents a 6.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,641 shares of company stock valued at $309,408 in the last three months. Corporate insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in shares of Nurix Therapeutics by 31.4% in the second quarter. Bank of New York Mellon Corp now owns 209,136 shares of the company’s stock valued at $4,365,000 after acquiring an additional 49,918 shares during the period. Rhumbline Advisers raised its stake in Nurix Therapeutics by 14.2% during the 2nd quarter. Rhumbline Advisers now owns 88,781 shares of the company’s stock valued at $1,853,000 after purchasing an additional 11,010 shares during the last quarter. TD Asset Management Inc bought a new stake in Nurix Therapeutics in the 2nd quarter valued at $593,000. Arizona State Retirement System acquired a new stake in Nurix Therapeutics in the 2nd quarter worth $295,000. Finally, ClariVest Asset Management LLC increased its holdings in shares of Nurix Therapeutics by 2.9% during the 2nd quarter. ClariVest Asset Management LLC now owns 63,149 shares of the company’s stock worth $1,318,000 after purchasing an additional 1,766 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.