Shares of Nurix Therapeutics (NRIX) plunged 5.13% in intraday trading on Wednesday, as several Wall Street analysts lowered their price targets for the biopharmaceutical company. The stock's decline comes just ahead of the company's scheduled first-quarter earnings report, adding to investor uncertainty.

Multiple financial institutions adjusted their outlook on Nurix Therapeutics. Needham reduced its target price to $27 from $28, while Wells Fargo made a more significant cut, lowering its target to $25 from $32. Oppenheimer also joined the trend, decreasing its price target to $32 from $35, although it maintained an Outperform rating on the shares. Stifel, while keeping its Buy rating, trimmed its target price to $35 from $36.

The series of target price reductions suggests growing caution among analysts regarding Nurix Therapeutics' near-term prospects. Investors appear to be reacting to these adjustments, leading to the sharp decline in stock price. As the company prepares to release its first-quarter results, market participants will be closely watching for any indications of the company's financial health and future outlook that might justify or contradict the recent analyst actions.