Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Up 6.1% on Strong Earnings

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) rose 6.1% on Friday following a better than expected earnings announcement. The company traded as high as $35.54 and last traded at $35.22. Approximately 316,920 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 988,274 shares. The stock had previously closed at $33.21.

The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($0.92) by $0.04.

Analyst Upgrades and Downgrades

A number of analysts have commented on CRNX shares. Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a “peer perform” rating for the company. JMP Securities reaffirmed a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. HC Wainwright restated a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating for the company. Finally, Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $72.64.

Insider Activity

In related news, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total transaction 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. This represents a 13.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently modified their holdings of CRNX. FMR LLC lifted its position in shares of Crinetics Pharmaceuticals by 100.4% during the 4th quarter. FMR LLC now owns 8,928,086 shares of the company’s stock worth $456,493,000 after purchasing an additional 4,472,316 shares during the last quarter. Farallon Capital Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 250.7% during the fourth quarter. Farallon Capital Management LLC now owns 4,075,098 shares of the company’s stock valued at $208,360,000 after acquiring an additional 2,913,098 shares during the period. Vanguard Group Inc. raised its position in shares of Crinetics Pharmaceuticals by 44.6% during the 4th quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock valued at $464,741,000 after acquiring an additional 2,801,736 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Crinetics Pharmaceuticals by 55.9% during the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock worth $355,382,000 after purchasing an additional 2,490,876 shares in the last quarter. Finally, SG Americas Securities LLC increased 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 purchasing an additional 529,483 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Trading Up 5.8 %

The company has a 50 day simple moving average of $41.53 and a 200 day simple moving average of $50.16. The stock has a market cap of $3.26 billion, a P/E ratio of -9.45 and a beta of 0.56.

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.