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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price was down 3.5% on Monday . The company traded as low as $51.07 and last traded at $51.31. Approximately 68,523 shares traded hands during trading, a decline of 82% from the average daily volume of 370,558 shares. The stock had previously closed at $53.15.

Analysts Set New Price Targets

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

Crinetics Pharmaceuticals Trading Down 1.9 %

The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of -13.00 and a beta of 0.60. The firm has a 50-day simple moving average of $55.51 and a two-hundred day simple moving average of $53.26.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter in the previous year, the company earned ($1.01) EPS. On average, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was 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 in the company, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several large investors have recently modified their holdings of CRNX. Natixis Advisors LLC increased its position in Crinetics Pharmaceuticals by 18.4% during the second quarter. Natixis Advisors LLC now owns 32,476 shares of the company’s stock worth $1,455,000 after acquiring an additional 5,052 shares during the period. Rhumbline Advisers raised its stake in shares of Crinetics Pharmaceuticals by 3.3% in the second quarter. Rhumbline Advisers now owns 112,319 shares of the company’s stock valued at $5,031,000 after purchasing an additional 3,626 shares in the last quarter. Arizona State Retirement System boosted its stake 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 buying an additional 958 shares in the last quarter. Quest Partners LLC bought a new stake in Crinetics Pharmaceuticals in the 2nd quarter valued at $42,000. Finally, Nicholas Investment Partners LP acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at $2,374,000. 98.51% of the stock is owned by 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.