Nurix Therapeutics, Inc. (NRIX) shares soared 14.2% in the last trading session to close at $12.14. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.7% loss over the past four weeks.
The stock rallied after the company announced that Sanofi has exercised its option to exclusively license Nurix’s STAT6 program, including the development candidate NX-3911, an oral, highly selective STAT6 degrader. Nurix is eligible to receive a license extension fee of $15 million from Sanofi. The company remains eligible for up to $465 million in potential development, regulatory, and commercial milestone payments per licensed program, along with royalties on future sales.
This company is expected to post quarterly loss of $0.73 per share in its upcoming report, which represents a year-over-year change of -2.8%. Revenues are expected to be $17.31 million, up 43.2% 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, the consensus EPS estimate for the quarter has been revised 1.1% 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 belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, argenex SE (ARGX), closed the last trading session 2% higher at $584.61. Over the past month, ARGX has returned -11.8%.
For Argenx
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Nurix Therapeutics, Inc. (NRIX): Free Stock Analysis Report argenex SE (ARGX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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