Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading Down 4.3% – Should You Sell?

by · The Markets Daily

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Free Report)’s stock price fell 4.3% during trading on Tuesday . The stock traded as low as $31.85 and last traded at $32.10. 382,049 shares changed hands during trading, a decline of 54% from the average session volume of 834,695 shares. The stock had previously closed at $33.54.

Analysts Set New Price Targets

A number of brokerages have recently commented on CRNX. HC Wainwright reiterated a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Stifel Nicolaus began coverage on Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a “buy” rating and a $60.00 target price on the stock. TD Cowen started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Finally, Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a research report 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 MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Get Our Latest Research Report on Crinetics Pharmaceuticals

Crinetics Pharmaceuticals Stock Performance

The stock has a market cap of $2.69 billion, a P/E ratio of -7.74 and a beta of 0.58. The business has a 50 day simple moving average of $35.43 and a 200-day simple moving average of $46.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.04. On average, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Dana Pizzuti sold 2,515 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following the sale, the insider now directly owns 72,233 shares in the company, valued at $2,470,368.60. This represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Richard Scott Struthers sold 17,338 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $592,959.60. Following the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 32,015 shares of company stock valued at $1,119,263. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System increased its holdings in shares of Crinetics Pharmaceuticals by 18.8% in the 4th quarter. California State Teachers Retirement System now owns 76,264 shares of the company’s stock worth $3,899,000 after buying an additional 12,072 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Crinetics Pharmaceuticals in the fourth quarter valued at $17,117,000. Mackenzie Financial Corp raised its position in Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock valued at $277,000 after purchasing an additional 440 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in Crinetics Pharmaceuticals during the fourth quarter worth about $100,000. Finally, Castleark Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 6.1% in the 4th quarter. Castleark Management LLC now owns 77,780 shares of the company’s stock worth $3,977,000 after purchasing an additional 4,440 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

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.

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