Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading Down 6.1% – What’s Next?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares fell 6.1% on Wednesday . The company traded as low as $33.14 and last traded at $32.94. 108,772 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 813,171 shares. The stock had previously closed at $35.07.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CRNX. JMP Securities reiterated a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. HC Wainwright reiterated a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Stifel Nicolaus began coverage on Crinetics Pharmaceuticals in a research report on Tuesday. They set a “buy” rating and a $60.00 price objective on the stock. Wolfe Research started coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a “peer perform” rating for the company. Finally, Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Crinetics Pharmaceuticals Stock Performance

The firm’s fifty day simple moving average is $36.07 and its 200-day simple moving average is $47.68. The stock has a market cap of $3.25 billion, a P/E ratio of -9.36 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.92) by $0.04. Analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $244,940.40. Following the transaction, the chief operating officer now owns 87,491 shares of the company’s stock, valued at $2,992,192.20. This represents a 7.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Dana Pizzuti sold 2,515 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $86,013.00. Following the completion of the sale, the insider now directly owns 72,233 shares of the company’s stock, valued at $2,470,368.60. The trade was a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,015 shares of company stock valued at $1,119,263 in the last quarter. 6.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC raised its position in shares of Crinetics Pharmaceuticals by 75.5% during the third quarter. Barclays PLC now owns 207,712 shares of the company’s stock worth $10,614,000 after purchasing an additional 89,358 shares during the period. Franklin Resources Inc. increased its stake in Crinetics Pharmaceuticals by 61.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock valued at $73,815,000 after purchasing an additional 528,688 shares in the last quarter. Geode Capital Management LLC raised its holdings in 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 buying an additional 169,746 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Crinetics Pharmaceuticals by 4,084.6% in the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock valued at $27,735,000 after buying an additional 529,483 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 8.4% in the third quarter. Fisher Asset Management LLC now owns 482,099 shares of the company’s stock valued at $24,635,000 after buying an additional 37,429 shares in the last quarter. Institutional investors 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.