Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price Down 6.1% – Here’s Why

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

Wall Street Analyst Weigh In

CRNX has been the subject of a number of recent research reports. Wolfe Research started coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating for the company. TD Cowen started coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating for the company. Stifel Nicolaus assumed coverage on Crinetics Pharmaceuticals in a research note on Tuesday. They set a “buy” rating and a $60.00 price objective on the stock. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Wednesday, January 22nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $73.00.

Crinetics Pharmaceuticals Price Performance

The firm has a market cap of $3.25 billion, a PE ratio of -9.36 and a beta of 0.58. The business’s fifty day moving average is $36.07 and its 200-day moving average is $47.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.92) by $0.04. Analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the completion of the transaction, the chief executive officer now owns 329,147 shares in the company, valued at $11,256,827.40. This trade represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dana Pizzuti sold 2,515 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $86,013.00. Following the sale, the insider now owns 72,233 shares in the company, valued at $2,470,368.60. The trade was a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,015 shares of company stock valued at $1,119,263 over the last ninety days. 6.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently made changes to their positions in CRNX. Venturi Wealth Management LLC purchased a new stake in Crinetics Pharmaceuticals during the 4th quarter worth about $41,000. State of Wyoming purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter worth about $50,000. Headlands Technologies LLC bought a new position in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $52,000. Harvest Fund Management Co. Ltd purchased a new position in Crinetics Pharmaceuticals during the fourth quarter valued at approximately $66,000. Finally, GF Fund Management CO. LTD. bought a new stake in Crinetics Pharmaceuticals during the 4th quarter worth approximately $100,000. 98.51% of the stock is owned by institutional investors.

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.