Nurix Therapeutics (NASDAQ:NRIX) Reaches New 1-Year Low – Should You Sell?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) hit 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 changing hands. The stock had previously closed at $9.69.

Wall Street Analysts Forecast Growth

NRIX has been the subject of several analyst reports. Royal Bank of Canada boosted their target price on Nurix Therapeutics from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. Leerink Partners assumed coverage on shares of 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. Stephens reiterated an “overweight” rating and issued a $31.00 target price on shares of Nurix Therapeutics in a research note on Tuesday, January 21st. JPMorgan Chase & Co. decreased their target price on Nurix Therapeutics from $31.00 to $30.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 29th. Finally, Leerink Partnrs raised Nurix Therapeutics to a “hold” rating in a report on Monday, March 17th. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.88.

Nurix Therapeutics Price Performance

The stock has a 50-day moving average price of $15.45 and a 200-day moving average price of $19.86. The company has a market capitalization of $704.42 million, a price-to-earnings ratio of -3.21 and a beta of 2.23.

Nurix Therapeutics (NASDAQ:NRIX) last released its quarterly earnings data on Tuesday, January 28th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.08). Nurix Therapeutics had a negative net margin of 354.85% and a negative return on equity of 53.65%. Equities analysts forecast that Nurix Therapeutics, Inc. will post -2.99 earnings per share for the current year.

Insider Transactions at Nurix Therapeutics

In other Nurix Therapeutics news, insider Gwenn Hansen sold 3,690 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $19.85, for a total value of $73,246.50. Following the sale, the insider now owns 55,937 shares of the company’s stock, valued at approximately $1,110,349.45. This trade represents a 6.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Houte Hans Van sold 5,825 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.49, for a total value of $84,404.25. Following the transaction, the chief financial officer now directly owns 33,724 shares of the company’s stock, valued at approximately $488,660.76. The trade was a 14.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,326 shares of company stock valued at $213,449. Company insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

A number of institutional investors have recently added to or reduced their stakes in NRIX. The Manufacturers Life Insurance Company grew its stake in shares of Nurix Therapeutics by 32.4% in the third quarter. The Manufacturers Life Insurance Company now owns 30,383 shares of the company’s stock worth $683,000 after purchasing an additional 7,441 shares during the last quarter. FMR LLC raised its holdings in Nurix Therapeutics by 675.9% during the 3rd quarter. FMR LLC now owns 586,902 shares of the company’s stock worth $13,188,000 after purchasing an additional 511,256 shares during the last quarter. Quarry LP lifted its position in shares of Nurix Therapeutics by 3,746.2% in the 3rd quarter. Quarry LP now owns 2,500 shares of the company’s stock worth $56,000 after purchasing an additional 2,435 shares during the period. Wellington Management Group LLP raised its stake in Nurix Therapeutics by 8.8% during the third quarter. Wellington Management Group LLP now owns 3,482,105 shares of the company’s stock worth $78,243,000 after buying an additional 280,240 shares during the last quarter. Finally, EP Wealth Advisors LLC bought a new stake in Nurix Therapeutics during the third quarter valued at $240,000.

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.