Shares of Nurix Therapeutics (NRIX) plummeted 7.50% in pre-market trading on Thursday following news that UBS has cut its target price for the company. The investment bank reduced its price target for Nurix Therapeutics to $30 from the previous $35, signaling a potentially less optimistic outlook for the biopharmaceutical firm.

Target price adjustments by major financial institutions often have a significant impact on stock prices, particularly for smaller biotech companies like Nurix Therapeutics. When analysts lower their price targets, it can be interpreted as a sign that the company's future performance or growth prospects may not be as strong as previously anticipated, leading investors to reassess their positions.

This substantial drop in Nurix Therapeutics' stock price highlights the sensitivity of biotech stocks to analyst assessments. Investors will likely be watching closely for any additional information or updates from the company that might provide more context to UBS's decision to lower its target price. The coming days may be crucial for Nurix Therapeutics as it navigates the market's reaction to this news and works to maintain investor confidence in its drug development pipeline and overall business strategy.