Nurix Therapeutics (NASDAQ:NRIX) Stock Price Down 6.7% – Time to Sell?

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s stock price traded down 6.7% during trading on Wednesday . The company traded as low as $17.96 and last traded at $18.11. 375,222 shares traded hands during trading, a decline of 71% from the average session volume of 1,279,909 shares. The stock had previously closed at $19.41.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on NRIX shares. Stifel Nicolaus set a $33.00 target price on Nurix Therapeutics in a research report on Friday, October 10th. Truist Financial assumed coverage on shares of Nurix Therapeutics in a research report on Monday, November 24th. They issued a “buy” rating and a $30.00 target price on the stock. Piper Sandler reduced their target price on Nurix Therapeutics from $35.00 to $32.00 and set an “overweight” rating for the company in a report on Friday, October 10th. BTIG Research boosted their price objective on shares of Nurix Therapeutics from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, December 9th. Finally, Morgan Stanley set a $36.00 price target on Nurix Therapeutics and gave the stock an “overweight” rating in a research note on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.13.

Nurix Therapeutics Stock Performance

The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -6.02 and a beta of 1.93. The company’s 50 day moving average is $18.38 and its 200 day moving average is $13.28.

Nurix Therapeutics (NASDAQ:NRIX) last announced its quarterly earnings data on Wednesday, January 28th. The company reported ($0.82) EPS for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.04. The business had revenue of $13.58 million during the quarter, compared to analyst estimates of $13.41 million. Nurix Therapeutics had a negative net margin of 292.50% and a negative return on equity of 53.57%. On average, equities research analysts anticipate that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Houte Hans Van sold 6,284 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $12.56, for a total transaction of $78,927.04. Following the completion of the sale, the chief financial officer owned 37,592 shares in the company, valued at $472,155.52. This trade represents a 14.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Gwenn Hansen sold 4,087 shares of the business’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $12.80, for a total value of $52,313.60. Following the completion of the transaction, the insider directly owned 76,751 shares in the company, valued at $982,412.80. The trade was a 5.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 13,501 shares of company stock worth $171,305. 7.40% of the stock is owned by company insiders.

Institutional Trading of Nurix Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Nurix Therapeutics by 66.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,926 shares of the company’s stock worth $93,000 after buying an additional 1,970 shares during the last quarter. Teacher Retirement System of Texas grew its position in shares of Nurix Therapeutics by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 18,404 shares of the company’s stock valued at $210,000 after purchasing an additional 2,248 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its position in shares of Nurix Therapeutics by 16.2% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 18,104 shares of the company’s stock valued at $206,000 after purchasing an additional 2,522 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Nurix Therapeutics by 118.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,413 shares of the company’s stock worth $73,000 after purchasing an additional 3,475 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in Nurix Therapeutics by 6.5% during the 2nd quarter. Legal & General Group Plc now owns 62,420 shares of the company’s stock worth $711,000 after purchasing an additional 3,801 shares during the last quarter.

About Nurix Therapeutics

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that harness the ubiquitin-proteasome system to selectively degrade disease-causing proteins. By modulating E3 ubiquitin ligases and related molecular machinery, Nurix aims to expand treatment options for patient populations with unmet medical needs in oncology and immunology.

The company’s pipeline includes multiple programs in various stages of development.