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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) dropped 6.1% during trading on Wednesday . The stock traded as low as $33.14 and last traded at $32.94. Approximately 108,772 shares were traded during trading, a decline of 87% from the average daily volume of 813,171 shares. The stock had previously closed at $35.07.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They issued a “peer perform” rating on the stock. JMP Securities reissued a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Wednesday, January 22nd. Finally, Stifel Nicolaus assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday. They set a “buy” rating and a $60.00 price target for the company. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $73.00.

Crinetics Pharmaceuticals Stock Performance

The firm has a market cap of $3.10 billion, a P/E ratio of -8.90 and a beta of 0.58. The stock’s 50-day moving average is $36.15 and its 200 day moving average is $47.86.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results 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, research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 7,162 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the completion of the transaction, the chief operating officer now directly owns 87,491 shares in the company, valued at $2,992,192.20. This trade represents a 7.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred 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 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,015 shares of company stock valued at $1,119,263. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

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

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.