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

Nurix Therapeutics (NASDAQ:NRIX) had its price objective decreased by equities research analysts at Wells Fargo & Company from $29.00 to $28.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 77.16% from the company’s previous close.

NRIX has been the topic of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nurix Therapeutics in a report on Thursday, January 22nd. HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of Nurix Therapeutics in a report on Tuesday, March 24th. Needham & Company LLC restated a “buy” rating and issued a $26.00 price target on shares of Nurix Therapeutics in a report on Wednesday. BTIG Research reaffirmed a “buy” rating and issued a $30.00 target price on shares of Nurix Therapeutics in a research report on Thursday, January 29th. Finally, Royal Bank Of Canada lifted their target price on Nurix Therapeutics from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.46.

Nurix Therapeutics Trading Up 1.3%

Shares of NASDAQ:NRIX traded up $0.21 during midday trading on Thursday, hitting $15.81. The company had a trading volume of 115,368 shares, compared to its average volume of 1,170,337. Nurix Therapeutics has a 12 month low of $8.18 and a 12 month high of $22.50. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -5.20 and a beta of 1.97. The firm has a fifty day simple moving average of $15.72 and a 200 day simple moving average of $15.22.

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

Insider Transactions at Nurix Therapeutics

In related news, insider Gwenn Hansen sold 4,895 shares of Nurix Therapeutics stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $16.60, for a total value of $81,257.00. Following the sale, the insider owned 83,672 shares of the company’s stock, valued at approximately $1,388,955.20. The trade was a 5.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Houte Hans Van sold 3,661 shares of Nurix Therapeutics stock in a transaction dated Friday, January 30th. The shares were 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 in the company, valued at approximately $754,088.20. This represents a 7.46% decrease in their position. The SEC filing for this sale provides additional information. 7.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nurix Therapeutics

A number of institutional investors have recently bought and sold shares of NRIX. General Atlantic L.P. acquired a new position in Nurix Therapeutics during the fourth quarter worth approximately $92,899,000. Morgan Stanley increased its position in Nurix Therapeutics by 115.9% during the fourth quarter. Morgan Stanley now owns 4,881,069 shares of the company’s stock worth $92,594,000 after buying an additional 2,620,323 shares during the last quarter. Rubric Capital Management LP acquired a new position in Nurix Therapeutics during the fourth quarter worth approximately $46,930,000. Braidwell LP acquired a new position in Nurix Therapeutics during the fourth quarter worth approximately $41,428,000. Finally, Price T Rowe Associates Inc. MD increased its position in Nurix Therapeutics by 195.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,248,361 shares of the company’s stock worth $61,622,000 after buying an additional 2,149,268 shares during the last quarter.

Nurix Therapeutics Company Profile

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.