Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading Down 3.5% – Here’s Why

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) fell 3.5% during mid-day trading on Monday . The stock traded as low as $51.07 and last traded at $51.31. 68,523 shares traded hands 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 research analysts have recently commented on the company. JMP Securities reiterated a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. HC Wainwright boosted their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, Citigroup upped their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $74.40.

Crinetics Pharmaceuticals Stock Down 4.2 %

The company has a market cap of $4.72 billion, a PE ratio of -13.66 and a beta of 0.60. The business’s fifty day moving average is $55.92 and its 200-day moving average is $53.22.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data 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 quarter in the previous year, the firm earned ($1.01) earnings per share. Analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $56.52, for a total transaction of $28,316.52. Following the completion of the transaction, the chief operating officer now owns 51,653 shares in the company, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 6.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC bought a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at approximately $42,000. Values First Advisors Inc. purchased a new stake in Crinetics Pharmaceuticals during the third quarter valued at $84,000. Allspring Global Investments Holdings LLC purchased a new position in Crinetics Pharmaceuticals in the third quarter worth about $91,000. KBC Group NV increased its position 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 valued at $112,000 after purchasing an additional 407 shares during the last quarter. Finally, Amalgamated Bank raised its position in Crinetics Pharmaceuticals by 20.8% in the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after purchasing an additional 464 shares during the period. Hedge funds and other institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

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.