Nurix Therapeutics (NASDAQ:NRIX) Shares Gap Down on Insider Selling

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s share price gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $22.09, but opened at $21.56. Nurix Therapeutics shares last traded at $21.58, with a volume of 6,508 shares changing hands.

Specifically, insider Christine Ring sold 5,760 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $22.23, for a total transaction of $128,044.80. Following the transaction, the insider now directly owns 24,592 shares of the company’s stock, valued at $546,680.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Ratings Changes

A number of brokerages have issued reports on NRIX. Truist Financial assumed coverage on shares of Nurix Therapeutics in a research note on Wednesday, July 31st. They set a “buy” rating and a $36.00 target price for the company. JPMorgan Chase & Co. lifted their price objective on Nurix Therapeutics from $31.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Robert W. Baird started coverage on Nurix Therapeutics in a research report on Friday, September 6th. They issued an “outperform” rating and a $26.00 target price on the stock. Needham & Company LLC reduced their price target on Nurix Therapeutics from $31.00 to $29.00 and set a “buy” rating for the company in a report on Friday, July 12th. Finally, Piper Sandler restated an “overweight” rating and issued a $35.00 price objective on shares of Nurix Therapeutics in a report on Wednesday, June 5th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Nurix Therapeutics Stock Down 0.5 %

The stock has a market cap of $1.08 billion, a P/E ratio of -7.52 and a beta of 2.22. The business has a 50-day simple moving average of $23.16 and a 200-day simple moving average of $18.80.

Nurix Therapeutics (NASDAQ:NRIX) last posted its earnings results on Thursday, July 11th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.08). The firm had revenue of $12.09 million during the quarter, compared to analyst estimates of $19.35 million. Nurix Therapeutics had a negative net margin of 264.84% and a negative return on equity of 67.78%. On average, analysts predict that Nurix Therapeutics, Inc. will post -2.95 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nurix Therapeutics

A number of institutional investors have recently made changes to their positions in NRIX. GAMMA Investing LLC grew its holdings in Nurix Therapeutics by 299.8% in the 2nd quarter. GAMMA Investing LLC now owns 4,566 shares of the company’s stock valued at $95,000 after buying an additional 3,424 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Nurix Therapeutics in the first quarter worth $123,000. China Universal Asset Management Co. Ltd. increased its position in Nurix Therapeutics by 67.6% during the first quarter. China Universal Asset Management Co. Ltd. now owns 9,404 shares of the company’s stock worth $138,000 after acquiring an additional 3,793 shares during the period. Dark Forest Capital Management LP acquired a new position in Nurix Therapeutics during the 2nd quarter valued at $201,000. Finally, ProShare Advisors LLC raised its stake in Nurix Therapeutics by 9.1% during the 1st quarter. ProShare Advisors LLC now owns 11,978 shares of the company’s stock valued at $176,000 after purchasing an additional 998 shares during 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.