# Nurix Therapeutics, Inc. (NRIX)

> Source: Nexqual · https://nexqual.com/NRIX · data as of 2026-11-09 21:00 UTC · cite as "Nexqual, Nurix Therapeutics, Inc. (NRIX), nexqual.com/NRIX" · informational, not investment advice.

## What changed for NRIX since Aug 31, 2025
The built-in knowledge of several widely used AI models ends around Aug 31, 2025. Everything below is newer, dated and sourced (as of Nov 9, 2026).

- Nurix Therapeutics, Inc. (NRIX) stock went from USD 9.34 (close of the week of Aug 25, 2025, split-adjusted) to USD 16.14, a +72.8% price change; the S&P 500 (SPY) moved +18.3% over the same period.
- NRIX revenue over the last four reported quarters (through Aug 31, 2026) was $702M, +1186.8% vs $54.5M in fiscal year 2024 (ended Nov 30, 2024), the last full year filed before September 2025; net income -$194M → $295M (SEC 10-K / 10-Q).
- Analyst actions on NRIX in the last 120 days: 12 (7 upgrades or target raises, 3 downgrades or target cuts); most recent Wells Fargo, Nov 4, 2026.

**Price:** USD 16.14 (+5.49% on the day) · last close of Nov 9, 2026; US market pre market, not a live price. Prev close 15.3 · day 15.27–16.63 · 52w 12.01–28.23 · market cap $1.76B · NGM

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $702M, net income $295M (42.0% margin), free cash flow $370M (SEC filings).
- Valuation: P/E 6.0x.
- Analysts: Buy (mean 1.71 on a 1–5 scale) (14 analysts), mean target USD 33.5 (range 20–41).
- Total return with dividends: 1Y +31.8% vs S&P 500 +11.7%; 5Y -52.6% vs S&P 500 +72.2%.
- Next earnings: 2027-01-28 (date not yet confirmed by the company), EPS estimate USD 1.51, revenue estimate $288M.
- Dividend: NRIX paid no cash dividend in the last five years.
- Short interest: 19.06% of float (as of 2026-10-15), 10.3 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $29.8M | $38.6M | $77.0M | $54.5M | $84.0M | $702M |
| Operating income | -$118M | -$184M | -$155M | -$213M | -$286M | $290M |
| Net income | -$117M | -$180M | -$144M | -$194M | -$264M | $295M |
| EPS (diluted) | -$2.73 | -$3.71 | -$2.65 | -$2.88 | -$3.05 | — |
| Free cash flow | -$90.0M | -$172M | -$89.8M | -$182M | -$263M | $370M |
| Operating margin | -396.3% | -476.0% | -201.4% | -390.5% | -340.2% | 41.3% |
| Net margin | -393.9% | -466.9% | -187.0% | -354.9% | -314.9% | 42.0% |
| Revenue growth | +66.9% | +29.8% | +99.3% | -29.1% | +54.0% | — |
| Cash + short-term investments | $296M | $309M | $288M | $610M | $593M | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/E 6.0x · P/S 2.5x · P/FCF 4.8x · P/B 1.8x · FCF yield 20.97% · Earnings yield 16.72%

## Analysts
Consensus Buy (mean 1.71 on a 1–5 scale), 14 analysts; mean target USD 33.5 (low 20, high 41).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-11-04 | Wells Fargo | Target lowered | Equal-Weight | $25 → $20 |
| 2026-10-16 | HC Wainwright & Co. | Target raised | Buy | $34 → $36 |
| 2026-10-13 | RBC Capital | Target lowered | Outperform | $36 → $35 |
| 2026-10-13 | Oppenheimer | Target raised | Outperform | $28 → $32 |
| 2026-10-13 | Truist Securities | Target lowered | Buy | $34 → $33 |
| 2026-10-13 | Baird | Target raised | Outperform | $33 → $36 |
| 2026-10-13 | Needham | Reiterated | Buy | $34 |
| 2026-08-10 | RBC Capital | Target raised | Outperform | $33 → $36 |
| 2026-08-04 | Needham | Reiterated | Buy | $34 |
| 2026-07-28 | Morgan Stanley | Target raised | Overweight | $36 → $38 |
| 2026-07-22 | UBS | Target raised | Buy | $23 → $31 |
| 2026-07-13 | Mizuho | Target raised | Outperform | $30 → $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-10) | 5Y (from 2021-11-08) |
|---|---|---|
| Total return | +31.8% | -52.6% |
| S&P 500 (SPY) | +11.7% | +72.2% |
| Per year | +31.9% | -13.9% |
| Volatility (annualized) | 72.9% | 74.7% |
| Max drawdown | -46.6% (Aug 2026→Nov 2026) | -87.1% (Nov 2021→Oct 2023) |

## Dividends
NRIX paid no cash dividend in the last five years.

## Short interest
20,607,897 shares sold short, 19.06% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 17,976,804 shares (+14.6%). Days to cover: 10.3 (short shares ÷ average daily volume).

## Peers (Biotechnology)
KYMR (Kymera Therapeutics, Inc.) USD 138.86 +5.41% · KOD (Kodiak Sciences Inc) USD 107.1 +7.85% · ORKA (Oruka Therapeutics, Inc.) USD 104.56 +1.65% · ARWR (Arrowhead Pharmaceuticals, Inc.) USD 49.24 -15.34% · AXSM (Axsome Therapeutics, Inc.) USD 133.96 +1.20% · IMVT (Immunovant, Inc.) USD 35.15 +15.13%

## More
Full page: https://nexqual.com/NRIX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-10-13)

- "Nurix retains the right to opt in after Phase 1 to a 50/50 U.S. profit share and co-development arrangement, subject to certain restrictions. * Expected timing of events throughout this press release is based on calendar year quarters."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $1.51 | $-0.37 | +$1.88 | $287.9M | 3 |
| Next quarter (ends 2027-02-28) | $-0.59 | $-0.44 | −$0.15 | $15.0M | 1 |
| Current fiscal year (ends 2026-11-30) | $3.02 | $1.79 | +69.0% | $744.8M | 3 |
| Next fiscal year (ends 2027-11-30) | $-1.28 | $-1.44 | +$0.16 | $123.2M | 3 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Aug 31, 2026 | $4.73 | $5.02 | Miss −5.8% | — |
| — | Quarter ended May 31, 2026 | −$0.81 | −$0.72 | Miss −12.5% | — |
| — | Quarter ended Feb 28, 2026 | −$0.79 | −$0.76 | Miss −3.9% | — |
| — | Quarter ended Nov 30, 2025 | −$0.82 | −$0.92 | Beat +10.9% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-11-05 | Schedule 13G/A | FMR LLC, Abigail P. Johnson: 4.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1549595/000031506626002803/0000315066-26-002803-index.htm |
| 2026-11-03 | 8-K | Other material event — “On November 3, 2026, Nurix Therapeutics, Inc. (the " Company ") announced that collaboration partner Sanofi S.A. (" Sanofi ") had notified the Company of its decision to discontinue the Phase 1 first-in-human clinical trial of SAR448272, an oral STAT6 degrader, and to terminate the SAR448272 program. As a result of Sanofi's decision, the Company does not expect to receive any of the future development, regulatory and commercial milestone payments or royalties for which it was eligible under the Company's…” | https://www.sec.gov/Archives/edgar/data/1549595/000154959526000055/0001549595-26-000055-index.htm |
| 2026-10-13 | 10-Q | Quarterly report · period ended Aug 31, 2026 | https://www.sec.gov/Archives/edgar/data/1549595/000154959526000049/0001549595-26-000049-index.htm |
| 2026-10-13 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1549595/000154959526000048/0001549595-26-000048-index.htm |
| 2026-09-23 | Schedule 13G | Perceptive Advisors LLC, Joseph Edelman: 5.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1549595/000119312526399480/0001193125-26-399480-index.htm |
| 2026-08-14 | Schedule 13G/A | Redmile Group, LLC, Jeremy C. Green: 8.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1549595/000110465926097194/0001104659-26-097194-index.htm |
| 2026-08-14 | Schedule 13G/A | Vestal Point Capital, LP, Ryan Wilder: 7.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1549595/000090266426003499/0000902664-26-003499-index.htm |
| 2026-08-14 | Schedule 13G | Rubric Capital Management LP, David Rosen: 7.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1549595/000110465926097100/0001104659-26-097100-index.htm |
| 2026-08-14 | Schedule 13G | T. Rowe Price Associates, Inc.: 5.3% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1549595/000008025526000570/0000080255-26-000570-index.htm |
| 2026-08-14 | Schedule 13G/A | Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd.: 7.5% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1549595/000117266126003488/0001172661-26-003488-index.htm |
| 2026-07-31 | Schedule 13G | passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1549595/000210011926001437/0002100119-26-001437-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.