Shares of Nurix Therapeutics (NRIX) plunged 5.13% in Wednesday's trading session, as multiple analysts lowered their price targets for the biotechnology company ahead of its upcoming first-quarter earnings report.

Several prominent financial institutions adjusted their outlook on Nurix Therapeutics. Needham reduced its target price from $28 to $27, while Wells Fargo made a more significant cut, lowering its target from $32 to $25. Stifel also trimmed its target price to $35 from $36, and Oppenheimer decreased its target to $32 from $35, although it maintained an Outperform rating on the stock.

The series of target price reductions comes as Nurix Therapeutics prepares to release its first-quarter financial results. According to FactSet Research Systems, analysts expect the company to report a loss of $0.76 per share for the quarter. The combination of lowered price targets and the anticipation of a quarterly loss appears to have dampened investor sentiment, contributing to the sharp decline in NRIX's stock price during the session.