Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Down 5.1% – Here’s Why

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares were down 5.1% during mid-day trading on Monday . The stock traded as low as $43.32 and last traded at $43.58. Approximately 1,573,612 shares were traded during mid-day trading, an increase of 51% from the average daily volume of 1,044,504 shares. The stock had previously closed at $45.91.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CRNX shares. The Goldman Sachs Group raised their target price on shares of Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday. Robert W. Baird raised their target price on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday. JMP Securities raised their target price on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research report on Friday. JPMorgan Chase & Co. decreased their target price on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 24th. Finally, HC Wainwright reissued a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $73.20.

Crinetics Pharmaceuticals Stock Down 5.2%

The firm’s 50 day simple moving average is $31.78 and its 200-day simple moving average is $31.45. The company has a market capitalization of $4.10 billion, a PE ratio of -10.59 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The business had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. During the same period in the prior year, the company posted ($0.94) EPS. The firm’s revenue for the quarter was up 158.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 30,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $30.43, for a total transaction of $912,900.00. Following the transaction, the insider directly owned 66,270 shares of the company’s stock, valued at approximately $2,016,596.10. The trade was a 31.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC acquired a new position in shares of Crinetics Pharmaceuticals during the second quarter worth $30,000. Raymond James Financial Inc. acquired a new position in shares of Crinetics Pharmaceuticals during the second quarter worth $45,000. Penserra Capital Management LLC acquired a new position in shares of Crinetics Pharmaceuticals during the second quarter worth $48,000. Osaic Holdings Inc. lifted its position in shares of Crinetics Pharmaceuticals by 126.1% during the second quarter. Osaic Holdings Inc. now owns 2,478 shares of the company’s stock worth $75,000 after purchasing an additional 1,382 shares in the last quarter. Finally, GF Fund Management CO. LTD. lifted its position in shares of Crinetics Pharmaceuticals by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company’s stock worth $80,000 after purchasing an additional 428 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

About Crinetics Pharmaceuticals

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.