Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price Down 5.2% – Here’s Why

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNXGet Free Report) fell 5.2% during mid-day trading on Tuesday . The company traded as low as $36.87 and last traded at $36.96. 311,923 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 1,038,638 shares. The stock had previously closed at $38.98.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday. JMP Securities reissued a “market outperform” rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Finally, Citigroup upped their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $74.40.

View Our Latest Stock Analysis on CRNX

Crinetics Pharmaceuticals Price Performance

The company has a market capitalization of $3.38 billion, a PE ratio of -9.78 and a beta of 0.60. The business has a 50-day moving average of $53.79 and a 200 day moving average of $53.11.

Crinetics Pharmaceuticals (NASDAQ:CRNXGet Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the previous year, the company posted ($1.01) earnings per share. As a group, research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insiders Place Their Bets

In other 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 sale, the chief operating officer now directly owns 51,653 shares in the company, valued at approximately $2,919,427.56. This represents a 0.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the stock. Sanders Morris Harris LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 13.4% in the 4th quarter. Sanders Morris Harris LLC now owns 21,100 shares of the company’s stock worth $1,079,000 after purchasing an additional 2,500 shares during the period. JPMorgan Chase & Co. lifted its position in Crinetics Pharmaceuticals by 0.3% in the third quarter. JPMorgan Chase & Co. now owns 285,956 shares of the company’s stock worth $14,612,000 after buying an additional 894 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Crinetics Pharmaceuticals by 488.5% during the third quarter. Principal Financial Group Inc. now owns 77,709 shares of the company’s stock worth $3,971,000 after buying an additional 64,504 shares during the period. Franklin Resources Inc. increased its position in Crinetics Pharmaceuticals by 61.4% during the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock valued at $73,815,000 after acquiring an additional 528,688 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 10.1% in the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock valued at $94,458,000 after acquiring an additional 169,746 shares during the period. 98.51% of the stock is owned by institutional investors.

About Crinetics Pharmaceuticals

(Get Free Report)

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.

Read More

Receive News & Ratings for Crinetics Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Crinetics Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.