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

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s share price gapped down before the market opened 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 trading hands.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Nurix Therapeutics from $31.00 to $34.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Barclays increased their target price on shares of Nurix Therapeutics from $20.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Robert W. Baird started coverage on shares of Nurix Therapeutics in a report on Friday, September 6th. They set an “outperform” rating and a $26.00 target price on the stock. Royal Bank of Canada increased their target price on Nurix Therapeutics from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, July 12th. Finally, Truist Financial began coverage on Nurix Therapeutics in a research note on Wednesday, July 31st. They set a “buy” rating and a $36.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.00.

Nurix Therapeutics Price Performance

The firm’s 50 day moving average is $23.14 and its 200 day moving average is $18.78. The firm has a market cap of $1.06 billion, a P/E ratio of -7.57 and a beta of 2.22.

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

Institutional Trading of Nurix Therapeutics

Large investors have recently made changes to their positions in the stock. ProShare Advisors LLC boosted its holdings in Nurix Therapeutics by 9.1% in the first quarter. ProShare Advisors LLC now owns 11,978 shares of the company’s stock worth $176,000 after purchasing an additional 998 shares during the last quarter. ClariVest Asset Management LLC increased its holdings in Nurix Therapeutics by 2.9% in the 2nd quarter. ClariVest Asset Management LLC now owns 63,149 shares of the company’s stock worth $1,318,000 after acquiring an additional 1,766 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in Nurix Therapeutics by 3.7% during the 1st quarter. Public Employees Retirement System of Ohio now owns 50,838 shares of the company’s stock worth $747,000 after acquiring an additional 1,820 shares during the period. GAMMA Investing LLC lifted its holdings in Nurix Therapeutics by 299.8% during the second quarter. GAMMA Investing LLC now owns 4,566 shares of the company’s stock valued at $95,000 after purchasing an additional 3,424 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its position in shares of Nurix Therapeutics by 67.6% in the first quarter. China Universal Asset Management Co. Ltd. now owns 9,404 shares of the company’s stock worth $138,000 after purchasing an additional 3,793 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.