Crinetics Pharmaceuticals (NASDAQ:CRNX) Sees Strong Trading Volume – What’s Next?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares saw unusually-strong trading volume on Friday . Approximately 624,936 shares changed hands during trading, an increase of 12% from the previous session’s volume of 558,869 shares.The stock last traded at $43.79 and had previously closed at $48.50.

Analyst Ratings Changes

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

Crinetics Pharmaceuticals Price Performance

The stock has a market capitalization of $3.76 billion, a P/E ratio of -10.88 and a beta of 0.60. The stock’s fifty day moving average is $55.04 and its 200-day moving average is $53.25.

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

Insider Buying and Selling at Crinetics Pharmaceuticals

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 transaction of $28,316.52. Following the completion of the sale, the chief operating officer now directly owns 51,653 shares in the company, valued at $2,919,427.56. This represents a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the business. Rhumbline Advisers increased its position in Crinetics Pharmaceuticals by 3.3% in the 2nd quarter. Rhumbline Advisers now owns 112,319 shares of the company’s stock worth $5,031,000 after buying an additional 3,626 shares during the period. Arizona State Retirement System increased its position in Crinetics Pharmaceuticals by 5.4% during the second quarter. Arizona State Retirement System now owns 18,543 shares of the company’s stock worth $831,000 after acquiring an additional 958 shares during the period. Quest Partners LLC acquired a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at $42,000. Federated Hermes Inc. boosted its holdings in Crinetics Pharmaceuticals by 353.5% in the 2nd quarter. Federated Hermes Inc. now owns 15,768 shares of the company’s stock valued at $706,000 after purchasing an additional 12,291 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in Crinetics Pharmaceuticals by 23.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 51,791 shares of the company’s stock worth $2,320,000 after purchasing an additional 9,859 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

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.