Nurix Therapeutics, Inc. (NRIX) Surges 5.1%: Is This an Indication of Further Gains?
Nurix Therapeutics, Inc. (NRIX) shares ended the last trading session 5.1% higher at $10.55. 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 29.2% gain over the past four weeks.
The stock rallied driven by the growing optimism over the drug biotech sector in 2024.
This company is expected to post quarterly loss of $0.83 per share in its upcoming report, which represents a year-over-year change of -10.7%. Revenues are expected to be $14.28 million, up 12.5% 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, Inc., the consensus EPS estimate for the quarter has been revised 2.2% 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, Inc. is part of the Zacks Medical - Biomedical and Genetics industry. Urogen Pharma (URGN), another stock in the same industry, closed the last trading session 0.6% higher at $17.79. URGN has returned 17.6% in the past month.
Urogen Pharma's consensus EPS estimate for the upcoming report has changed -2.1% over the past month to -$0.67. Compared to the company's year-ago EPS, this represents a change of +45.1%. Urogen Pharma currently boasts a Zacks Rank of #4 (Sell).
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