Nurix Therapeutics (NASDAQ:NRIX) Trading Down 6.6% on Analyst Downgrade

Nurix Therapeutics, Inc. (NASDAQ:NRIXGet Rating) fell 6.6% on Monday after Royal Bank of Canada lowered their price target on the stock from $42.00 to $39.00. Royal Bank of Canada currently has an outperform rating on the stock. Nurix Therapeutics traded as low as $12.54 and last traded at $12.79. 5,534 shares changed hands during trading, a decline of 99% from the average session volume of 441,394 shares. The stock had previously closed at $13.70.

Several other brokerages have also issued reports on NRIX. Needham & Company LLC restated a “buy” rating and set a $48.00 price target on shares of Nurix Therapeutics in a research note on Wednesday, January 5th. Wells Fargo & Company lowered their price target on Nurix Therapeutics from $28.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Monday, April 11th. Zacks Investment Research upgraded Nurix Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, April 9th. HC Wainwright lowered their price target on Nurix Therapeutics from $62.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Robert W. Baird lowered their price target on Nurix Therapeutics from $49.00 to $41.00 in a research note on Friday, January 28th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $46.17.

Several hedge funds have recently added to or reduced their stakes in NRIX. Eventide Asset Management LLC grew its stake in shares of Nurix Therapeutics by 55.8% in the 4th quarter. Eventide Asset Management LLC now owns 1,870,000 shares of the company’s stock valued at $54,137,000 after purchasing an additional 670,000 shares during the period. Soleus Capital Management L.P. grew its position in Nurix Therapeutics by 181.6% during the 4th quarter. Soleus Capital Management L.P. now owns 743,238 shares of the company’s stock worth $21,517,000 after acquiring an additional 479,338 shares during the last quarter. Woodline Partners LP grew its position in Nurix Therapeutics by 331.5% during the 4th quarter. Woodline Partners LP now owns 592,941 shares of the company’s stock worth $17,166,000 after acquiring an additional 455,540 shares during the last quarter. BlackRock Inc. grew its position in Nurix Therapeutics by 19.0% during the 3rd quarter. BlackRock Inc. now owns 2,483,573 shares of the company’s stock worth $74,408,000 after acquiring an additional 396,957 shares during the last quarter. Finally, Millennium Management LLC grew its position in Nurix Therapeutics by 151.7% during the 4th quarter. Millennium Management LLC now owns 596,286 shares of the company’s stock worth $17,262,000 after acquiring an additional 359,403 shares during the last quarter. Institutional investors own 87.30% of the company’s stock.

The firm has a market cap of $574.91 million, a price-to-earnings ratio of -4.22 and a beta of 2.74. The stock has a 50-day moving average of $14.86.

Nurix Therapeutics (NASDAQ:NRIXGet Rating) last released its quarterly earnings results on Thursday, April 7th. The company reported ($0.95) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.88) by ($0.07). Nurix Therapeutics had a negative return on equity of 38.11% and a negative net margin of 394.21%. As a group, equities research analysts forecast that Nurix Therapeutics, Inc. will post -3.84 EPS for the current fiscal year.

Nurix Therapeutics Company Profile (NASDAQ:NRIX)

Nurix Therapeutics, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule therapies for the treatment of cancer and immune disorders. The company develops NX-2127, an orally available 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 available Casitas B-lineage lymphoma proto-oncogene-B (CBL-B) inhibitor for immuno-oncology indications.

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