Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 12-Month Low – Here’s What Happened

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price reached a new 52-week low during trading on Monday . The company traded as low as $31.65 and last traded at $33.93, with a volume of 1477206 shares trading hands. The stock had previously closed at $34.73.

Analyst Ratings Changes

CRNX has been the subject of a number of analyst reports. TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating for the company. Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They set a “buy” rating and a $60.00 target price for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Wednesday, January 22nd. Finally, Wolfe Research began coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a “peer perform” rating for the company. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Crinetics Pharmaceuticals Stock Down 3.4 %

The firm has a 50-day moving average of $36.02 and a 200 day moving average of $47.51. The stock has a market capitalization of $3.12 billion, a P/E ratio of -8.99 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.04. Analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 17,338 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the sale, the chief executive officer now owns 329,147 shares of the company’s stock, valued at approximately $11,256,827.40. This represents a 5.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dana Pizzuti sold 2,515 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $86,013.00. Following the transaction, the insider now directly owns 72,233 shares of the company’s stock, valued at $2,470,368.60. This represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,015 shares of company stock valued at $1,119,263. 6.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Crinetics Pharmaceuticals by 44.6% in the fourth quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock valued at $464,741,000 after acquiring an additional 2,801,736 shares during the last quarter. FMR LLC boosted its stake in shares of Crinetics Pharmaceuticals by 100.4% in the 4th quarter. FMR LLC now owns 8,928,086 shares of the company’s stock valued at $456,493,000 after purchasing an additional 4,472,316 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Crinetics Pharmaceuticals by 55.9% during the 4th quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock worth $355,382,000 after buying an additional 2,490,876 shares during the period. Driehaus Capital Management LLC lifted its holdings in Crinetics Pharmaceuticals by 4.3% in the fourth quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company’s stock valued at $313,990,000 after buying an additional 255,766 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Crinetics Pharmaceuticals by 9.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company’s stock valued at $276,844,000 after acquiring an additional 469,748 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.