Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 12-Month Low - Time to Sell?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $24.71 and last traded at $25.25, with a volume of 51860 shares trading hands. The stock had previously closed at $26.89.

Analyst Upgrades and Downgrades

CRNX has been the topic of several recent analyst reports. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price target on the stock in a report on Wednesday, January 22nd. Wolfe Research began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a "peer perform" rating for the company. HC Wainwright reaffirmed a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They set a "buy" rating and a $60.00 price objective for the company. Finally, JMP Securities restated a "market outperform" rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Crinetics Pharmaceuticals Price Performance

The business has a fifty day simple moving average of $33.46 and a two-hundred day simple moving average of $45.59. The company has a market cap of $2.71 billion, a PE ratio of -7.80 and a beta of 0.37.

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Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating analysts' consensus estimates of ($0.92) by $0.04. On average, equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, 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 transaction, the insider now owns 72,233 shares in the company, valued at approximately $2,470,368.60. This represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Jeff E. Knight sold 7,162 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the sale, the chief operating officer now directly owns 87,491 shares of the company's stock, valued at approximately $2,992,192.20. This represents a 7.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,015 shares of company stock worth $1,119,263 in the last 90 days. 6.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Large investors have recently bought and sold shares of the company. Martingale Asset Management L P lifted its position in Crinetics Pharmaceuticals by 1.9% during the fourth quarter. Martingale Asset Management L P now owns 22,484 shares of the company's stock valued at $1,150,000 after purchasing an additional 410 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Crinetics Pharmaceuticals by 8.8% in the 4th quarter. Mackenzie Financial Corp now owns 5,422 shares of the company's stock valued at $277,000 after buying an additional 440 shares during the period. NEOS Investment Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 0.9% in the fourth quarter. NEOS Investment Management LLC now owns 57,933 shares of the company's stock worth $2,962,000 after buying an additional 544 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in Crinetics Pharmaceuticals by 13.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company's stock worth $254,000 after acquiring an additional 600 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its position in Crinetics Pharmaceuticals by 1.9% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 38,049 shares of the company's stock valued at $1,945,000 after acquiring an additional 708 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

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.