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

Nurix Therapeutics, Inc. (NASDAQ:NRIX)’s share price gapped down before the market opened on Wednesday following insider selling activity. 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.

Specifically, insider Christine Ring sold 5,760 shares of the business’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 transaction of $128,044.80. Following the transaction, the insider now directly owns 24,592 shares of the company’s stock, valued at approximately $546,680.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Ratings Changes

NRIX has been the subject of a number of research analyst reports. Needham & Company LLC reduced their price objective on Nurix Therapeutics from $31.00 to $29.00 and set a “buy” rating for the company in a report on Friday, July 12th. Royal Bank of Canada upped their price objective on Nurix Therapeutics from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, July 12th. HC Wainwright lifted their target price on Nurix Therapeutics from $19.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Truist Financial started coverage on shares of Nurix Therapeutics in a research report on Wednesday, July 31st. They issued a “buy” rating and a $36.00 target price for the company. Finally, Oppenheimer raised their price target on shares of Nurix Therapeutics from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Nurix Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Nurix Therapeutics Trading Down 1.4 %

The firm’s 50-day moving average price is $23.17 and its 200 day moving average price is $18.82. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -7.42 and a beta of 2.22.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Redmile Group LLC lifted its stake in Nurix Therapeutics by 37.7% in the 1st quarter. Redmile Group LLC now owns 4,483,016 shares of the company’s stock valued at $65,900,000 after purchasing an additional 1,226,497 shares during the last quarter. Driehaus Capital Management LLC bought a new position in shares of Nurix Therapeutics in the 2nd quarter valued at $26,778,000. Candriam S.C.A. boosted its holdings in shares of Nurix Therapeutics by 30.5% during the 2nd quarter. Candriam S.C.A. now owns 1,164,246 shares of the company’s stock valued at $24,297,000 after acquiring an additional 272,136 shares in the last quarter. Affinity Asset Advisors LLC grew its position in Nurix Therapeutics by 12.6% during the 2nd quarter. Affinity Asset Advisors LLC now owns 912,000 shares of the company’s stock worth $19,033,000 after acquiring an additional 101,747 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in Nurix Therapeutics by 60.2% in the 2nd quarter. Millennium Management LLC now owns 599,623 shares of the company’s stock worth $12,514,000 after purchasing an additional 225,374 shares in the last quarter.

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.