Industry Analysts Just Made A Meaningful Upgrade To Their Nurix Therapeutics, Inc. (NASDAQ:NRIX) Revenue Forecasts
Celebrations may be in order for Nurix Therapeutics, Inc. (NASDAQ:NRIX) shareholders, with the analysts delivering a significant upgrade to their statutory estimates for the company. The analysts have sharply increased their revenue numbers, with a view that Nurix Therapeutics will make substantially more sales than they'd previously expected.
Following the upgrade, the latest consensus from Nurix Therapeutics' twelve analysts is for revenues of US$64m in 2024, which would reflect an okay 5.6% improvement in sales compared to the last 12 months. Losses are forecast to narrow 3.3% to US$3.16 per share. Yet prior to the latest estimates, the analysts had been forecasting revenues of US$55m and losses of US$3.40 per share in 2024. We can see there's definitely been a change in sentiment in this update, with the analysts administering a sizeable upgrade to next year's revenue estimates, while at the same time reducing their loss estimates.
View our latest analysis for Nurix Therapeutics
There was no major change to the consensus price target of US$27.38, perhaps suggesting that the analysts remain concerned about ongoing losses despite the improved earnings and revenue outlook.
These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Nurix Therapeutics' past performance and to peers in the same industry. We would highlight that Nurix Therapeutics' revenue growth is expected to slow, with the forecast 4.4% annualised growth rate until the end of 2024 being well below the historical 18% p.a. growth over the last five years. Compare this against other companies (with analyst forecasts) in the industry, which are in aggregate expected to see revenue growth of 15% annually. So it's pretty clear that, while revenue growth is expected to slow down, the wider industry is also expected to grow faster than Nurix Therapeutics.
The Bottom Line
The highlight for us was that the consensus reduced its estimated losses next year, perhaps suggesting Nurix Therapeutics is moving incrementally towards profitability. Pleasantly, analysts also upgraded their revenue estimates, and their forecasts suggest the business is expected to grow slower than the wider market. Seeing the dramatic upgrade to next year's forecasts, it might be time to take another look at Nurix Therapeutics.
Even so, the longer term trajectory of the business is much more important for the value creation of shareholders. At Simply Wall St, we have a full range of analyst estimates for Nurix Therapeutics going out to 2025, and you can see them free on our platform here..
Another way to search for interesting companies that could be reaching an inflection point is to track whether management are buying or selling, with our free list of growing companies that insiders are buying.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
