Nurix Therapeutics (NASDAQ:NRIX) Announces Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Nurix Therapeutics (NASDAQ:NRIX) posted its quarterly earnings results on Wednesday. The company reported ($0.82) EPS for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.04, FiscalAI reports. Nurix Therapeutics had a negative net margin of 292.50% and a negative return on equity of 53.57%. The business had revenue of $13.58 million during the quarter, compared to analysts’ expectations of $13.41 million.

Nurix Therapeutics Trading Down 7.9%

Shares of NRIX traded down $1.54 during trading hours on Wednesday, reaching $17.87. 1,043,538 shares of the stock traded hands, compared to its average volume of 1,300,646. Nurix Therapeutics has a 52 week low of $8.18 and a 52 week high of $22.50. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -6.02 and a beta of 1.93. The stock has a fifty day simple moving average of $18.38 and a 200 day simple moving average of $13.28.

Insider Activity

In related news, CFO Houte Hans Van sold 6,284 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $12.56, for a total transaction of $78,927.04. Following the completion of the sale, the chief financial officer directly owned 37,592 shares of the company’s stock, valued at approximately $472,155.52. This trade represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Gwenn Hansen sold 4,087 shares of Nurix Therapeutics stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $12.80, for a total value of $52,313.60. Following the sale, the insider owned 76,751 shares in the company, valued at $982,412.80. This trade represents a 5.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 13,501 shares of company stock valued at $171,305. Company insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On Nurix Therapeutics

Several large investors have recently made changes to their positions in the business. Vestal Point Capital LP raised its stake in shares of Nurix Therapeutics by 73.8% during the 3rd quarter. Vestal Point Capital LP now owns 3,475,000 shares of the company’s stock worth $32,109,000 after purchasing an additional 1,475,000 shares during the period. Perceptive Advisors LLC raised its position in Nurix Therapeutics by 268.7% in the second quarter. Perceptive Advisors LLC now owns 1,096,985 shares of the company’s stock worth $12,495,000 after acquiring an additional 799,432 shares during the period. Millennium Management LLC grew its position in shares of Nurix Therapeutics by 64.3% during the 3rd quarter. Millennium Management LLC now owns 1,523,959 shares of the company’s stock valued at $14,081,000 after acquiring an additional 596,401 shares during the period. Algert Global LLC increased its stake in shares of Nurix Therapeutics by 392.4% during the 3rd quarter. Algert Global LLC now owns 563,837 shares of the company’s stock worth $5,210,000 after purchasing an additional 449,338 shares during the last quarter. Finally, Qube Research & Technologies Ltd raised its holdings in shares of Nurix Therapeutics by 100.9% in the 3rd quarter. Qube Research & Technologies Ltd now owns 716,535 shares of the company’s stock worth $6,621,000 after purchasing an additional 359,793 shares during the period.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NRIX. Truist Financial initiated coverage on Nurix Therapeutics in a research note on Monday, November 24th. They issued a “buy” rating and a $30.00 target price for the company. Wall Street Zen downgraded Nurix Therapeutics from a “hold” rating to a “strong sell” rating in a report on Saturday, October 11th. Piper Sandler cut their target price on Nurix Therapeutics from $35.00 to $32.00 and set an “overweight” rating on the stock in a report on Friday, October 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Nurix Therapeutics in a research note on Thursday, January 22nd. Finally, Oppenheimer dropped their price objective on shares of Nurix Therapeutics from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Nurix Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $29.13.

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.