Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Down – Here’s Why

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s share price gapped down before the market opened on Monday . The stock had previously closed at $22.92, but opened at $22.30. Nurix Therapeutics shares last traded at $21.95, with a volume of 73,328 shares changing hands.

Analyst Ratings Changes

Several equities analysts have weighed in on NRIX shares. Royal Bank of Canada cut their price target on Nurix Therapeutics from $27.00 to $26.00 and set an “outperform” rating for the company in a report on Monday, October 14th. Needham & Company LLC restated a “buy” rating and issued a $29.00 price target on shares of Nurix Therapeutics in a research report on Wednesday, November 6th. Oppenheimer lifted their price objective on shares of Nurix Therapeutics from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Truist Financial started coverage on shares of Nurix Therapeutics in a report on Wednesday, July 31st. They issued a “buy” rating and a $36.00 price target for the company. Finally, HC Wainwright boosted their price objective on Nurix Therapeutics from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. One equities research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Nurix Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $29.40.

Nurix Therapeutics Stock Performance

The company has a fifty day simple moving average of $24.48 and a two-hundred day simple moving average of $21.41. The firm has a market capitalization of $1.61 billion, a PE ratio of -7.83 and a beta of 2.20.

Nurix Therapeutics (NASDAQ:NRIX) last issued its earnings results on Friday, October 11th. The company reported ($0.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.67). Nurix Therapeutics had a negative net margin of 313.65% and a negative return on equity of 63.39%. The company had revenue of $12.59 million for the quarter, compared to analysts’ expectations of $13.85 million. On average, equities analysts anticipate that Nurix Therapeutics, Inc. will post -2.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Nurix Therapeutics

In related news, CFO Houte Hans Van sold 20,000 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $25.22, for a total transaction of $504,400.00. Following the completion of the sale, the chief financial officer now owns 31,002 shares of the company’s stock, valued at $781,870.44. This represents a 39.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christine Ring sold 9,870 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $25.01, for a total value of $246,848.70. Following the transaction, the insider now owns 24,592 shares in the company, valued at approximately $615,045.92. This trade represents a 28.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,321 shares of company stock valued at $1,414,409. 9.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Several hedge funds have recently modified their holdings of NRIX. Russell Investments Group Ltd. grew its position in Nurix Therapeutics by 75.6% during the 1st quarter. Russell Investments Group Ltd. now owns 53,542 shares of the company’s stock worth $787,000 after purchasing an additional 23,044 shares during the last quarter. ProShare Advisors LLC raised its stake in Nurix Therapeutics by 9.1% in the 1st quarter. ProShare Advisors LLC now owns 11,978 shares of the company’s stock worth $176,000 after acquiring an additional 998 shares during the last quarter. Acadian Asset Management LLC lifted its position in Nurix Therapeutics by 576.7% during the 1st quarter. Acadian Asset Management LLC now owns 160,293 shares of the company’s stock worth $2,355,000 after acquiring an additional 136,606 shares during the period. EntryPoint Capital LLC purchased a new stake in Nurix Therapeutics during the 1st quarter valued at about $123,000. Finally, Affinity Asset Advisors LLC increased its holdings in shares of Nurix Therapeutics by 17.4% in the first quarter. Affinity Asset Advisors LLC now owns 810,253 shares of the company’s stock valued at $11,911,000 after purchasing an additional 120,141 shares during the period.

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.