Nurix Therapeutics (NASDAQ:NRIX) Hits New 1-Year Low – Time to Sell?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) reached a new 52-week low during trading on Monday . The company traded as low as $8.60 and last traded at $8.97, with a volume of 66692 shares trading hands. The stock had previously closed at $9.69.

Wall Street Analyst Weigh In

A number of analysts have weighed in on NRIX shares. Royal Bank of Canada increased their target price on shares of Nurix Therapeutics from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, January 29th. BTIG Research initiated coverage on Nurix Therapeutics in a research note on Tuesday, December 10th. They issued a “buy” rating and a $35.00 target price for the company. Morgan Stanley boosted their target price on Nurix Therapeutics from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. Leerink Partners assumed coverage on Nurix Therapeutics in a research note on Monday, March 17th. They issued a “market perform” rating and a $16.00 price objective for the company. Finally, JPMorgan Chase & Co. decreased their price objective on Nurix Therapeutics from $31.00 to $30.00 and set an “overweight” rating for the company in a report on Wednesday, January 29th. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Nurix Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $30.88.

Nurix Therapeutics Stock Down 4.7 %

The company has a market capitalization of $705.95 million, a PE ratio of -3.20 and a beta of 2.23. The stock has a 50-day moving average of $14.83 and a 200 day moving average of $19.56.

Nurix Therapeutics (NASDAQ:NRIX) last issued its quarterly earnings results on Tuesday, April 8th. The company reported ($0.67) EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.05. Nurix Therapeutics had a negative return on equity of 53.65% and a negative net margin of 354.85%. The firm had revenue of $18.45 million for the quarter, compared to analysts’ expectations of $12.78 million. During the same quarter in the prior year, the firm earned ($0.76) EPS. Equities analysts forecast that Nurix Therapeutics, Inc. will post -2.99 EPS for the current fiscal year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, CFO Houte Hans Van sold 2,811 shares of Nurix Therapeutics stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $19.85, for a total transaction of $55,798.35. Following the completion of the transaction, the chief financial officer now owns 39,549 shares of the company’s stock, valued at $785,047.65. The trade was a 6.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gwenn Hansen sold 3,690 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $19.85, for a total transaction of $73,246.50. Following the completion of the sale, the insider now directly owns 55,937 shares in the company, valued at approximately $1,110,349.45. The trade was a 6.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,326 shares of company stock worth $213,449 over the last quarter. Corporate insiders own 9.80% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its position in Nurix Therapeutics by 2.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 31,025 shares of the company’s stock worth $585,000 after purchasing an additional 642 shares during the period. Corebridge Financial Inc. raised its holdings in Nurix Therapeutics by 2.3% in the fourth quarter. Corebridge Financial Inc. now owns 34,907 shares of the company’s stock worth $658,000 after purchasing an additional 770 shares in the last quarter. Kennedy Capital Management LLC boosted its stake in Nurix Therapeutics by 0.7% during the fourth quarter. Kennedy Capital Management LLC now owns 114,623 shares of the company’s stock worth $2,159,000 after acquiring an additional 785 shares in the last quarter. US Bancorp DE boosted its position in shares of Nurix Therapeutics by 144.7% in the 4th quarter. US Bancorp DE now owns 1,424 shares of the company’s stock worth $27,000 after purchasing an additional 842 shares in the last quarter. Finally, Summit Investment Advisors Inc. increased its position in Nurix Therapeutics by 13.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,345 shares of the company’s stock valued at $138,000 after buying an additional 877 shares in the last quarter.

Nurix Therapeutics Company Profile

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.