Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading 3.7% Higher

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares were up 3.7% during mid-day trading on Wednesday . The stock traded as high as $51.75 and last traded at $51.66. Approximately 123,393 shares traded hands during trading, a decline of 84% from the average daily volume of 785,943 shares. The stock had previously closed at $49.82.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Oppenheimer reissued an “outperform” rating and set a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. JPMorgan Chase & Co. upped their price target on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. HC Wainwright upped their price target on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $68.55.

Crinetics Pharmaceuticals Stock Performance

The company has a 50 day moving average of $52.23 and a 200 day moving average of $48.16.

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

Insider Buying and Selling

In related news, insider Stephen F. Betz sold 1,035 shares of Crinetics Pharmaceuticals stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the transaction, the insider now owns 68,576 shares in the company, valued at $3,531,664. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Jeff E. Knight sold 27,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $55.00, for a total value of $1,485,000.00. Following the completion of the sale, the chief operating officer now directly owns 51,653 shares in the company, valued at $2,840,915. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total value of $53,302.50. Following the sale, the insider now owns 68,576 shares of the company’s stock, valued at $3,531,664. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 142,595 shares of company stock worth $7,112,902. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the stock. Senator Investment Group LP bought a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at about $6,047,000. Creative Planning lifted its position in Crinetics Pharmaceuticals by 20.6% in the 2nd quarter. Creative Planning now owns 12,997 shares of the company’s stock valued at $582,000 after acquiring an additional 2,224 shares in the last quarter. Algert Global LLC lifted its position in Crinetics Pharmaceuticals by 19.0% in the 2nd quarter. Algert Global LLC now owns 41,707 shares of the company’s stock valued at $1,868,000 after acquiring an additional 6,667 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of 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 buying an additional 885,876 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Crinetics Pharmaceuticals by 21.7% during the second quarter. The Manufacturers Life Insurance Company now owns 131,063 shares of the company’s stock valued at $5,870,000 after acquiring an additional 23,398 shares during the last quarter. 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.