Nurix Therapeutics, Inc. (NRIX) shares rallied 6.9% in the last trading session to close at $15.44. 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 9.9% loss over the past four weeks.
The price rise can be attributed to growing investor optimism around Nurix’s pipeline and its ongoing partnerships with major pharmaceutical companies. The company is working on targeted protein degradation therapies—an emerging drug development approach aimed at improving treatments for cancer and inflammatory diseases.
This company is expected to post quarterly loss of $0.76 per share in its upcoming report, which represents a year-over-year change of -13.4%. Revenues are expected to be $14.61 million, down 20.8% 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 remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. 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. uniQure (QURE), another stock in the same industry, closed the last trading session 7.8% higher at $16.36. QURE has returned -36.8% in the past month.
For uniQure, the consensus EPS estimate for the upcoming report has changed +2.4% over the past month to -$0.88. This represents a change of -7.3% from what the company reported a year ago. uniQure currently has a Zacks Rank of #3 (Hold).
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This article originally published on Zacks Investment Research (zacks.com).