Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price Up 4.4% – Here’s What Happened

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares rose 4.4% on Tuesday . The company traded as high as $55.41 and last traded at $55.41. Approximately 260,602 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 793,057 shares. The stock had previously closed at $53.10.

Analyst Ratings Changes

Several equities analysts have issued reports on CRNX shares. JMP Securities restated a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Cantor Fitzgerald restated an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. HC Wainwright increased their price objective on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.55.

Crinetics Pharmaceuticals Stock Performance

The stock’s 50-day simple moving average is $52.50 and its 200 day simple moving average is $49.30. The company has a market cap of $4.65 billion, a PE ratio of -15.59 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The company had revenue of $0.40 million during the quarter, compared to analysts’ expectations of $0.47 million. Crinetics Pharmaceuticals’s quarterly revenue was down 59.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.94) EPS. On average, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the completion of the sale, the insider now owns 28,507 shares in the company, valued at $1,557,337.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Marc Wilson sold 25,000 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total value of $1,277,750.00. Following the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at $5,677,912.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total value of $785,306.25. Following the transaction, the insider now owns 28,507 shares of the company’s stock, valued at $1,557,337.41. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,466 shares of company stock valued at $3,462,956 in the last ninety days. 6.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. boosted its stake in shares of Crinetics Pharmaceuticals by 366,571.4% during the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock valued at $2,403,000 after acquiring an additional 51,320 shares during the last quarter. Swiss National Bank lifted its stake in shares of Crinetics Pharmaceuticals by 21.4% during the first quarter. Swiss National Bank now owns 126,500 shares of the company’s stock valued at $5,921,000 after buying an additional 22,300 shares during the period. Vanguard Group Inc. boosted its position in Crinetics Pharmaceuticals by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after acquiring an additional 72,624 shares during the last quarter. SG Americas Securities LLC grew its stake in Crinetics Pharmaceuticals by 1,224.8% in the 2nd quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock worth $3,541,000 after acquiring an additional 73,084 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in Crinetics Pharmaceuticals by 719.3% in the 4th quarter. Fisher Asset Management LLC now owns 441,295 shares of the company’s stock valued at $15,701,000 after acquiring an additional 387,435 shares during the last quarter. Hedge funds and other 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.