Wells Fargo & Company Cuts Nurix Therapeutics (NASDAQ:NRIX) Price Target to $21.00

Nurix Therapeutics (NASDAQ:NRIX) had its target price reduced by Wells Fargo & Company from $22.00 to $21.00 in a research report released on Thursday, MarketBeat Ratings reports. They currently have an overweight rating on the stock.

Other research analysts have also issued reports about the company. BTIG Research lowered their target price on Nurix Therapeutics from $35.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday. Piper Sandler lowered their target price on Nurix Therapeutics from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Friday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $27.00 target price on shares of Nurix Therapeutics in a report on Monday, October 20th. Baird R W raised Nurix Therapeutics to a “strong-buy” rating in a report on Tuesday, August 26th. Finally, Oppenheimer lowered their target price on Nurix Therapeutics from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, October 10th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.07.

Nurix Therapeutics Stock Performance

NRIX stock opened at $11.09 on Thursday. The stock has a market capitalization of $852.60 million, a price-to-earnings ratio of -3.73 and a beta of 2.33. Nurix Therapeutics has a 1 year low of $8.18 and a 1 year high of $29.56. The stock’s fifty day moving average is $9.49 and its two-hundred day moving average is $10.54.

Nurix Therapeutics (NASDAQ:NRIX) last posted its earnings results on Thursday, October 9th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.19). The company had revenue of $7.89 million during the quarter, compared to the consensus estimate of $16.06 million. Nurix Therapeutics had a negative net margin of 292.50% and a negative return on equity of 53.57%. As a group, analysts predict that Nurix Therapeutics will post -2.99 EPS for the current fiscal year.

Insider Buying and Selling

In other Nurix Therapeutics news, insider Gwenn Hansen sold 4,308 shares of the business’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $12.01, for a total value of $51,739.08. Following the transaction, the insider owned 69,023 shares of the company’s stock, valued at approximately $828,966.23. The trade was a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Houte Hans Van sold 5,402 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $11.03, for a total value of $59,584.06. Following the transaction, the chief financial officer directly owned 35,512 shares in the company, valued at $391,697.36. This trade represents a 13.20% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,014 shares of company stock valued at $163,014. Corporate insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

Several large investors have recently modified their holdings of NRIX. Goldman Sachs Group Inc. grew its holdings in shares of Nurix Therapeutics by 9.5% during the first quarter. Goldman Sachs Group Inc. now owns 507,471 shares of the company’s stock worth $6,029,000 after buying an additional 44,002 shares in the last quarter. ARK Investment Management LLC increased its stake in Nurix Therapeutics by 4.0% during the 1st quarter. ARK Investment Management LLC now owns 1,590,910 shares of the company’s stock worth $18,900,000 after acquiring an additional 60,617 shares during the period. Hussman Strategic Advisors Inc. bought a new position in shares of Nurix Therapeutics in the 1st quarter valued at $499,000. Vanguard Group Inc. grew its position in Nurix Therapeutics by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 4,415,122 shares of the company’s stock worth $52,452,000 after acquiring an additional 69,856 shares during the last quarter. Finally, Vestal Point Capital LP raised its stake in shares of Nurix Therapeutics by 132.1% during the first quarter. Vestal Point Capital LP now owns 1,125,552 shares of the company’s stock valued at $13,372,000 after acquiring an additional 640,552 shares during the last quarter.

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.