Crinetics Pharmaceuticals (NASDAQ:CRNX) Sees Unusually-High Trading Volume – Should You Buy?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares saw unusually-strong trading volume on Friday . Approximately 624,936 shares changed hands during mid-day trading, an increase of 12% from the previous session’s volume of 558,869 shares.The stock last traded at $43.79 and had previously closed at $48.50.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. HC Wainwright upped their target price on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Citigroup lifted their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $74.40.

Crinetics Pharmaceuticals Stock Performance

The company has a 50-day moving average of $55.36 and a 200 day moving average of $53.22. The firm has a market cap of $4.00 billion, a P/E ratio of -11.55 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period last year, the company earned ($1.01) EPS. Sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current fiscal year.

Insider Activity

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the sale, the chief operating officer now owns 51,653 shares in the company, valued at approximately $2,919,427.56. This trade represents a 0.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 6.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds have recently modified their holdings of the stock. Barclays PLC lifted its position in Crinetics Pharmaceuticals by 75.5% during the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after purchasing an additional 89,358 shares during the period. Franklin Resources Inc. boosted its stake in Crinetics Pharmaceuticals by 61.4% in the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock valued at $73,815,000 after acquiring an additional 528,688 shares during the last quarter. Driehaus Capital Management LLC grew its holdings in Crinetics Pharmaceuticals by 17.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after acquiring an additional 885,876 shares during the period. Geode Capital Management LLC raised its position in shares of Crinetics Pharmaceuticals by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock valued at $94,458,000 after acquiring an additional 169,746 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Crinetics Pharmaceuticals by 0.5% in the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock valued at $142,754,000 after purchasing an additional 13,470 shares during the period. 98.51% of the stock is owned by institutional investors.

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.