Nurix Therapeutics (NASDAQ:NRIX) Sets New 1-Year Low – Time to Sell?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) hit a new 52-week low on Monday . The stock traded as low as $8.60 and last traded at $8.97, with a volume of 66692 shares. The stock had previously closed at $9.69.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Leerink Partnrs upgraded Nurix Therapeutics to a “hold” rating in a research note on Monday, March 17th. Leerink Partners assumed coverage on Nurix Therapeutics in a research report on Monday, March 17th. They issued a “market perform” rating and a $16.00 price objective on the stock. JPMorgan Chase & Co. cut their target price on shares of Nurix Therapeutics from $31.00 to $30.00 and set an “overweight” rating for the company in a report on Wednesday, January 29th. HC Wainwright reiterated a “buy” rating and issued a $36.00 price objective on shares of Nurix Therapeutics in a research report on Wednesday, April 2nd. Finally, Needham & Company LLC reduced their price target on Nurix Therapeutics from $29.00 to $28.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.88.

Nurix Therapeutics Price Performance

The stock has a market cap of $704.42 million, a price-to-earnings ratio of -3.21 and a beta of 2.23. The stock’s 50-day moving average is $15.45 and its 200-day moving average is $19.86.

Nurix Therapeutics (NASDAQ:NRIX) last posted its earnings results on Tuesday, January 28th. The company reported ($0.75) earnings per share 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%. Analysts predict that Nurix Therapeutics, Inc. will post -2.99 EPS for the current fiscal year.

Insider Buying and Selling

In other Nurix Therapeutics news, CFO Houte Hans Van sold 2,811 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $19.85, for a total transaction of $55,798.35. Following the completion of the transaction, the chief financial officer now owns 39,549 shares in the company, valued at approximately $785,047.65. The trade was a 6.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Gwenn Hansen sold 3,690 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $19.85, for a total transaction of $73,246.50. Following the completion of the transaction, the insider now owns 55,937 shares of the company’s stock, valued at $1,110,349.45. This trade represents a 6.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,326 shares of company stock worth $213,449 over the last ninety days. 7.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Nurix Therapeutics

Hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its position in shares of Nurix Therapeutics by 32.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 30,383 shares of the company’s stock valued at $683,000 after purchasing an additional 7,441 shares during the period. FMR LLC grew its position 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 in the last quarter. Quarry LP boosted its position in shares of Nurix Therapeutics by 3,746.2% in the third quarter. Quarry LP now owns 2,500 shares of the company’s stock worth $56,000 after buying an additional 2,435 shares during the period. Wellington Management Group LLP grew its holdings in shares of Nurix Therapeutics by 8.8% during the third quarter. Wellington Management Group LLP now owns 3,482,105 shares of the company’s stock valued at $78,243,000 after buying an additional 280,240 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new stake in shares of Nurix Therapeutics in the third quarter worth approximately $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.