Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading Down 3.5% – What’s Next?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares fell 3.5% during trading on Monday . The stock traded as low as $51.07 and last traded at $51.31. 68,523 shares were traded during trading, a decline of 82% from the average session volume of 370,558 shares. The stock had previously closed at $53.15.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CRNX shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Citigroup upped their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. HC Wainwright boosted their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, JMP Securities reissued a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $74.40.

Crinetics Pharmaceuticals Price Performance

The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of -13.66 and a beta of 0.60. The stock has a fifty day moving average of $55.92 and a two-hundred day moving average of $53.22.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period last year, the company posted ($1.01) earnings per share. On average, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the sale, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at approximately $2,919,427.56. This represents a 0.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of CRNX. Quest Partners LLC purchased a new position in shares of Crinetics Pharmaceuticals during the second quarter worth about $42,000. Values First Advisors Inc. bought a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter worth $84,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at $91,000. KBC Group NV lifted its holdings in shares of Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after acquiring an additional 407 shares during the last quarter. Finally, Amalgamated Bank increased its stake in Crinetics Pharmaceuticals by 20.8% in the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after acquiring an additional 464 shares during the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.