Nurix Therapeutics (NASDAQ:NRIX) Price Target Cut to $28.00 by Analysts at Wells Fargo & Company

Nurix Therapeutics (NASDAQ:NRIX) had its price objective cut by Wells Fargo & Company from $29.00 to $28.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 77.16% from the company’s previous close.

Several other analysts also recently weighed in on NRIX. Piper Sandler increased their target price on Nurix Therapeutics from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Thursday, January 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nurix Therapeutics in a research report on Thursday, January 22nd. Morgan Stanley set a $36.00 price objective on Nurix Therapeutics and gave the stock an “overweight” rating in a research report on Thursday, January 8th. Stifel Nicolaus raised their price objective on Nurix Therapeutics from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price objective on shares of Nurix Therapeutics in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Nurix Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $30.46.

Nurix Therapeutics Trading Up 1.3%

NASDAQ:NRIX traded up $0.21 during mid-day trading on Thursday, hitting $15.81. 115,368 shares of the company’s stock traded hands, compared to its average volume of 1,170,337. The firm has a 50 day moving average of $15.72 and a two-hundred day moving average of $15.22. Nurix Therapeutics has a 12 month low of $8.18 and a 12 month high of $22.50. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -5.20 and a beta of 1.97.

Nurix Therapeutics (NASDAQ:NRIX) last announced its earnings results on Tuesday, April 14th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.03). Nurix Therapeutics had a negative net margin of 314.90% and a negative return on equity of 57.51%. The business had revenue of $6.25 million for the quarter, compared to the consensus estimate of $14.25 million. As a group, equities research analysts expect that Nurix Therapeutics will post -2.99 earnings per share for the current year.

Insider Buying and Selling at Nurix Therapeutics

In other news, CFO Houte Hans Van sold 3,661 shares of Nurix Therapeutics stock in a transaction on Friday, January 30th. The stock was sold at an average price of $16.60, for a total value of $60,772.60. Following the completion of the sale, the chief financial officer directly owned 45,427 shares of the company’s stock, valued at approximately $754,088.20. This trade represents a 7.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gwenn Hansen sold 4,895 shares of Nurix Therapeutics stock in a transaction on Friday, January 30th. The shares were sold at an average price of $16.60, for a total value of $81,257.00. Following the completion of the sale, the insider directly owned 83,672 shares of the company’s stock, valued at $1,388,955.20. This trade represents a 5.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 7.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nurix Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in NRIX. General Atlantic L.P. acquired a new stake in shares of Nurix Therapeutics in the 4th quarter valued at $92,899,000. Morgan Stanley boosted its position in shares of Nurix Therapeutics by 115.9% in the 4th quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock worth $92,594,000 after purchasing an additional 2,620,323 shares during the last quarter. Rubric Capital Management LP bought a new position in shares of Nurix Therapeutics in the 4th quarter worth $46,930,000. Braidwell LP bought a new position in shares of Nurix Therapeutics in the 4th quarter worth $41,428,000. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Nurix Therapeutics by 195.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,248,361 shares of the company’s stock worth $61,622,000 after purchasing an additional 2,149,268 shares during the last quarter.

About Nurix Therapeutics

Nurix Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that harness the ubiquitin-proteasome system to selectively degrade disease-causing proteins. By modulating E3 ubiquitin ligases and related molecular machinery, Nurix aims to expand treatment options for patient populations with unmet medical needs in oncology and immunology.

The company’s pipeline includes multiple programs in various stages of development.