Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading Up 5.1%

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNXGet Free Report) shares traded up 5.1% during trading on Thursday . The stock traded as high as $48.43 and last traded at $48.22. 259,118 shares were traded during mid-day trading, a decline of 67% from the average session volume of 787,796 shares. The stock had previously closed at $45.90.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CRNX shares. Oppenheimer increased their target price on Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, March 20th. Citigroup initiated coverage on Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They set a “buy” rating and a $68.00 price objective for the company. JMP Securities reissued a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Thursday, March 28th. HC Wainwright reaffirmed a “buy” rating and set a $50.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 19th. Finally, Robert W. Baird lifted their price objective on shares of Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.17.

View Our Latest Analysis on CRNX

Crinetics Pharmaceuticals Stock Performance

The company has a market cap of $3.10 billion, a price-to-earnings ratio of -12.05 and a beta of 0.63. The firm has a fifty day moving average price of $41.90 and a 200 day moving average price of $35.59.

Crinetics Pharmaceuticals (NASDAQ:CRNXGet Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 52.93%. The business’s revenue for the quarter was down 100.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.84) earnings per share. On average, analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.34 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Richard Scott Struthers sold 40,951 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the transaction, the chief executive officer now directly owns 237,835 shares of the company’s stock, valued at approximately $11,694,346.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Richard Scott Struthers sold 40,951 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the completion of the sale, the chief executive officer now owns 237,835 shares of the company’s stock, valued at approximately $11,694,346.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephanie Okey sold 17,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $46.38, for a total transaction of $811,650.00. Following the completion of the transaction, the director now owns 6,000 shares in the company, valued at approximately $278,280. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,841 shares of company stock worth $7,981,921. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in Crinetics Pharmaceuticals by 69.3% in the 1st quarter. JPMorgan Chase & Co. now owns 81,736 shares of the company’s stock valued at $1,793,000 after buying an additional 33,463 shares in the last quarter. Group One Trading L.P. grew its stake in shares of Crinetics Pharmaceuticals by 31.6% in the first quarter. Group One Trading L.P. now owns 7,318 shares of the company’s stock valued at $161,000 after acquiring an additional 1,759 shares in the last quarter. MetLife Investment Management LLC increased its position in Crinetics Pharmaceuticals by 55.4% during the first quarter. MetLife Investment Management LLC now owns 25,417 shares of the company’s stock worth $558,000 after acquiring an additional 9,063 shares during the period. Rhumbline Advisers increased its position in Crinetics Pharmaceuticals by 10.8% during the first quarter. Rhumbline Advisers now owns 47,701 shares of the company’s stock worth $1,047,000 after acquiring an additional 4,654 shares during the period. Finally, BlackRock Inc. raised its stake in Crinetics Pharmaceuticals by 0.6% in the 1st quarter. BlackRock Inc. now owns 3,296,780 shares of the company’s stock worth $72,365,000 after purchasing an additional 20,610 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

(Get Free Report)

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.

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