Nurix Therapeutics (NASDAQ:NRIX) Shares Down 8.7% – Should You Sell?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares dropped 8.7% during mid-day trading on Friday . The stock traded as low as $24.37 and last traded at $24.53. Approximately 572,000 shares traded hands during trading, a decline of 36% from the average daily volume of 897,350 shares. The stock had previously closed at $26.86.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on NRIX shares. Robert W. Baird assumed coverage on shares of Nurix Therapeutics in a research report on Friday, September 6th. They set an “outperform” rating and a $26.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $29.00 target price on shares of Nurix Therapeutics in a report on Wednesday, November 6th. Royal Bank of Canada lowered their price target on Nurix Therapeutics from $27.00 to $26.00 and set an “outperform” rating on the stock in a research note on Monday, October 14th. Stephens reissued an “overweight” rating and issued a $31.00 price objective on shares of Nurix Therapeutics in a research note on Monday, October 14th. Finally, HC Wainwright lifted their target price on shares of Nurix Therapeutics from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. One investment analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $29.40.

Nurix Therapeutics Stock Down 10.6 %

The business’s 50-day simple moving average is $24.55 and its two-hundred day simple moving average is $21.08. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of -8.60 and a beta of 2.20.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings results on Friday, October 11th. The company reported ($0.67) EPS for the quarter, hitting 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 company had revenue of $12.59 million for the quarter, compared to analysts’ expectations of $13.85 million. Sell-side analysts anticipate that Nurix Therapeutics, Inc. will post -2.81 earnings per share for the current year.

Insider Activity

In other Nurix Therapeutics news, insider Christine Ring sold 9,870 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $25.01, for a total value of $246,848.70. Following the sale, the insider now owns 24,592 shares of the company’s stock, valued at $615,045.92. This trade represents a 28.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Houte Hans Van sold 20,000 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $25.22, for a total value of $504,400.00. Following the transaction, the chief financial officer now directly owns 31,002 shares of the company’s stock, valued at approximately $781,870.44. This represents a 39.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 57,321 shares of company stock valued at $1,414,409. 7.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nurix Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank raised its stake in Nurix Therapeutics by 30.6% in the third quarter. Amalgamated Bank now owns 2,182 shares of the company’s stock valued at $49,000 after buying an additional 511 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Nurix Therapeutics by 31.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,330 shares of the company’s stock worth $54,000 after acquiring an additional 559 shares in the last quarter. GAMMA Investing LLC lifted its stake in Nurix Therapeutics by 299.8% during the second quarter. GAMMA Investing LLC now owns 4,566 shares of the company’s stock worth $95,000 after purchasing an additional 3,424 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Nurix Therapeutics by 1,098.4% in the third quarter. International Assets Investment Management LLC now owns 4,494 shares of the company’s stock valued at $101,000 after purchasing an additional 4,119 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new position in Nurix Therapeutics in the first quarter valued at approximately $123,000.

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.