Nurix Therapeutics (NASDAQ:NRIX) Hits New 52-Week Low – Time to Sell?

Nurix Therapeutics, Inc. (NASDAQ:NRIX) shares reached a new 52-week low during trading on Monday . The company traded as low as $11.38 and last traded at $11.75, with a volume of 192656 shares changing hands. The stock had previously closed at $12.15.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NRIX. BMO Capital Markets assumed coverage on Nurix Therapeutics in a research report on Friday, December 6th. They issued an “outperform” rating and a $35.00 price objective on the stock. Stifel Nicolaus lifted their price target on shares of Nurix Therapeutics from $34.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, January 29th. JPMorgan Chase & Co. decreased their price objective 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. Stephens reaffirmed an “overweight” rating and set a $31.00 target price on shares of Nurix Therapeutics in a research note on Tuesday, January 21st. Finally, Morgan Stanley boosted their price target on shares of Nurix Therapeutics from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.88.

Nurix Therapeutics Stock Performance

The company has a market capitalization of $794.54 million, a PE ratio of -3.62 and a beta of 2.18. The company’s 50-day moving average is $16.01 and its 200 day moving average is $20.16.

Nurix Therapeutics (NASDAQ:NRIX) last issued its earnings results on Tuesday, January 28th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.08). Nurix Therapeutics had a negative return on equity of 53.65% and a negative net margin of 354.85%. On average, analysts forecast that Nurix Therapeutics, Inc. will post -2.99 EPS for the current fiscal year.

Insider Buying and Selling at Nurix Therapeutics

In related news, insider Gwenn Hansen sold 3,690 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $19.85, for a total transaction of $73,246.50. Following the sale, the insider now directly 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Houte Hans Van sold 5,825 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.49, for a total value of $84,404.25. Following the completion of the transaction, the chief financial officer now directly owns 33,724 shares of the company’s stock, valued at approximately $488,660.76. This trade represents a 14.73 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,326 shares of company stock worth $213,449. Insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its stake in Nurix Therapeutics by 2.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 31,025 shares of the company’s stock valued at $585,000 after buying an additional 642 shares during the last quarter. Corebridge Financial Inc. grew its holdings in shares of Nurix Therapeutics by 2.3% in the fourth quarter. Corebridge Financial Inc. now owns 34,907 shares of the company’s stock worth $658,000 after acquiring an additional 770 shares during the period. Kennedy Capital Management LLC increased its position in Nurix Therapeutics by 0.7% during the fourth quarter. Kennedy Capital Management LLC now owns 114,623 shares of the company’s stock valued at $2,159,000 after acquiring an additional 785 shares during the last quarter. US Bancorp DE lifted its holdings in Nurix Therapeutics by 144.7% in the fourth quarter. US Bancorp DE now owns 1,424 shares of the company’s stock valued at $27,000 after acquiring an additional 842 shares during the period. Finally, Summit Investment Advisors Inc. boosted its position in Nurix Therapeutics by 13.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,345 shares of the company’s stock worth $138,000 after purchasing an additional 877 shares during the last quarter.

Nurix Therapeutics Company Profile

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.