Crinetics Pharmaceuticals (NASDAQ:CRNX) Sets New 52-Week Low – Should You Sell?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares reached a new 52-week low during trading on Tuesday . The stock traded as low as $33.06 and last traded at $32.84, with a volume of 78855 shares traded. The stock had previously closed at $34.62.

Analysts Set New Price Targets

Several research firms have recently weighed in on CRNX. JMP Securities reissued a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating for the company. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Wednesday, January 22nd. Citigroup upped their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Wolfe Research began coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating on the stock. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $72.64.

Crinetics Pharmaceuticals Price Performance

The company has a market cap of $3.05 billion, a price-to-earnings ratio of -8.84 and a beta of 0.56. The firm has a 50 day simple moving average of $42.77 and a 200-day simple moving average of $50.51.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the completion of the sale, the insider now directly owns 31,748 shares of the company’s stock, valued at approximately $1,240,394.36. The trade was a 13.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 6.00% of the stock is owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds have recently made changes to their positions in CRNX. Barclays PLC boosted its holdings in Crinetics Pharmaceuticals by 75.5% in the third quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after purchasing an additional 89,358 shares during the period. Franklin Resources Inc. lifted its stake in Crinetics Pharmaceuticals by 61.4% in the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after acquiring an additional 528,688 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 10.1% during the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after purchasing an additional 169,746 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Crinetics Pharmaceuticals by 4,084.6% during the 4th quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock worth $27,735,000 after buying an additional 529,483 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of Crinetics Pharmaceuticals by 0.5% in the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock valued at $142,754,000 after acquiring an additional 13,470 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.