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Strength Seen in Nurix Therapeutics, Inc. (NRIX): Can Its 5.7% Jump Turn into More Strength?
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Nurix Therapeutics, Inc. (NRIX - Free Report) shares ended the last trading session 5.7% higher at $9.52. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 7.3% loss over the past four weeks.
The sudden soaring of the stock price can be attributed to the positive investor reponses following Gilead Sciences exercising its first, out of upto five degrader programs, option to exlusively license Nurix's protein degrader molecule, NX-0479, according to their 2019 discovery collaboration agreement. Per the terms of the agreement, Nurix is eligible to receive an option excersise payment of $20 million upfront, along with certain milestone based payments amounting upto $425 million and royalties on product net sales.
This company is expected to post quarterly loss of $0.90 per share in its upcoming report, which represents a year-over-year change of +5.3%. Revenues are expected to be $10.49 million, up 9.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Nurix Therapeutics, Inc., the consensus EPS estimate for the quarter has been revised 1.3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NRIX going forward to see if this recent jump can turn into more strength down the road.
Nurix Therapeutics, Inc. is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Protagonist Therapeutics (PTGX - Free Report) , finished the last trading session 1.6% higher at $22.78. PTGX has returned 38.7% over the past month.
Protagonist Therapeutics' consensus EPS estimate for the upcoming report has changed +3.8% over the past month to -$0.67. Compared to the company's year-ago EPS, this represents a change of -55.8%. Protagonist Therapeutics currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Nurix Therapeutics, Inc. (NRIX): Can Its 5.7% Jump Turn into More Strength?
Nurix Therapeutics, Inc. (NRIX - Free Report) shares ended the last trading session 5.7% higher at $9.52. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 7.3% loss over the past four weeks.
The sudden soaring of the stock price can be attributed to the positive investor reponses following Gilead Sciences exercising its first, out of upto five degrader programs, option to exlusively license Nurix's protein degrader molecule, NX-0479, according to their 2019 discovery collaboration agreement. Per the terms of the agreement, Nurix is eligible to receive an option excersise payment of $20 million upfront, along with certain milestone based payments amounting upto $425 million and royalties on product net sales.
This company is expected to post quarterly loss of $0.90 per share in its upcoming report, which represents a year-over-year change of +5.3%. Revenues are expected to be $10.49 million, up 9.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Nurix Therapeutics, Inc., the consensus EPS estimate for the quarter has been revised 1.3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NRIX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Nurix Therapeutics, Inc. is a member of the Zacks Medical - Biomedical and Genetics industry. One other stock in the same industry, Protagonist Therapeutics (PTGX - Free Report) , finished the last trading session 1.6% higher at $22.78. PTGX has returned 38.7% over the past month.
Protagonist Therapeutics' consensus EPS estimate for the upcoming report has changed +3.8% over the past month to -$0.67. Compared to the company's year-ago EPS, this represents a change of -55.8%. Protagonist Therapeutics currently boasts a Zacks Rank of #3 (Hold).