Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading Up 6.1% After Better-Than-Expected Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s share price rose 6.1% on Friday following a stronger than expected earnings report. The company traded as high as $35.54 and last traded at $35.22. Approximately 316,920 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 988,274 shares. The stock had previously closed at $33.21.

The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.04.

Wall Street Analyst Weigh In

Several analysts have weighed in on CRNX shares. TD Cowen started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Wednesday, January 22nd. JMP Securities restated a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Finally, Citigroup boosted their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.64.

Insider Activity

In related news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $39.07, for a total transaction of $195,350.00. Following the completion of the sale, the insider now owns 31,748 shares in the company, valued at $1,240,394.36. This trade represents a 13.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 6.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Large investors have recently bought and sold shares of the business. Venturi Wealth Management LLC acquired a new position in shares of Crinetics Pharmaceuticals during the fourth quarter worth about $41,000. State of Wyoming bought a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $50,000. Headlands Technologies LLC acquired a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth approximately $52,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $66,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $91,000. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Price Performance

The company’s 50-day moving average is $41.53 and its two-hundred day moving average is $50.16. The firm has a market cap of $3.26 billion, a P/E ratio of -9.45 and a beta of 0.56.

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.