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Nurix Therapeutics (NRIX) Moves 7.7% Higher: Will This Strength Last?

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Nurix Therapeutics, Inc. (NRIX - Free Report) shares rallied 7.7% in the last trading session to close at $16.59. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 6.7% gain over the past four weeks.

The sudden rise in the stock price can be attributed to the positive investor mindset regarding the progress of the company’s innovative pipeline. It comprises three internally discovered and wholly owned clinical-stage candidates, currently being evaluated to treat patients with hematologic malignancies, solid tumors and inflammatory diseases. Nurix is also collaborating with other biotech firms to develop additional medicines for these indications.

This company is expected to post quarterly loss of $0.72 per share in its upcoming report, which represents a year-over-year change of -60%. Revenues are expected to be $19.35 million, down 36.9% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Nurix Therapeutics, the consensus EPS estimate for the quarter has been revised 3.3% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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 is part of the Zacks Medical - Biomedical and Genetics industry. CollPlant Biotechnologies Ltd. Sponsored ADR (CLGN - Free Report) , another stock in the same industry, closed the last trading session 0.9% lower at $6.34. CLGN has returned 22.6% in the past month.

CollPlant Biotechnologies' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.35. Compared to the company's year-ago EPS, this represents a change of -6.1%. CollPlant Biotechnologies currently boasts a Zacks Rank of #3 (Hold).

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