JPMorgan Chase & Co. Issues Pessimistic Forecast for Nurix Therapeutics (NASDAQ:NRIX) Stock Price

Nurix Therapeutics (NASDAQ:NRIX) had its target price reduced by analysts at JPMorgan Chase & Co. from $31.00 to $30.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 49.93% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Stifel Nicolaus raised their price objective on shares of Nurix Therapeutics from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday. BTIG Research assumed coverage on shares of Nurix Therapeutics in a research note on Tuesday, December 10th. They set a “buy” rating and a $35.00 price target for the company. HC Wainwright upped their price target on shares of Nurix Therapeutics from $35.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group began coverage on Nurix Therapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $35.00 target price for the company. Finally, BMO Capital Markets began coverage on Nurix Therapeutics in a research note on Friday, December 6th. They set an “outperform” rating and a $35.00 price objective for the company. One analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.71.

Nurix Therapeutics Price Performance

NRIX opened at $20.01 on Wednesday. Nurix Therapeutics has a 1 year low of $7.79 and a 1 year high of $29.56. The business has a fifty day simple moving average of $20.14 and a 200 day simple moving average of $22.40. The company has a market capitalization of $1.42 billion, a PE ratio of -6.88 and a beta of 2.14.

Nurix Therapeutics (NASDAQ:NRIX) last posted its earnings results on Tuesday, January 28th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.08). Nurix Therapeutics had a negative return on equity of 63.39% and a negative net margin of 313.65%. Equities analysts anticipate that Nurix Therapeutics will post -2.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Houte Hans Van sold 2,811 shares of the stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $19.85, for a total transaction of $55,798.35. Following the sale, the chief financial officer now directly owns 39,549 shares of the company’s stock, valued at approximately $785,047.65. This represents a 6.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Gwenn Hansen sold 3,690 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $19.85, for a total value of $73,246.50. Following the transaction, the insider now owns 55,937 shares in the company, valued at $1,110,349.45. This trade represents a 6.19 % decrease in their position. The disclosure for this sale can be found here. 7.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC acquired a new position in Nurix Therapeutics in the second quarter valued at about $601,000. AQR Capital Management LLC increased its holdings in Nurix Therapeutics by 76.8% during the 2nd quarter. AQR Capital Management LLC now owns 21,296 shares of the company’s stock worth $444,000 after purchasing an additional 9,254 shares during the period. Millennium Management LLC raised its holdings in Nurix Therapeutics by 60.2% in the second quarter. Millennium Management LLC now owns 599,623 shares of the company’s stock valued at $12,514,000 after acquiring an additional 225,374 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Nurix Therapeutics by 25.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,942 shares of the company’s stock worth $479,000 after purchasing an additional 4,583 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in Nurix Therapeutics during the 2nd quarter worth about $578,000.

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.