Crinetics Pharmaceuticals (NASDAQ:CRNX) Sees Unusually-High Trading Volume - Still a Buy?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) shares saw unusually-strong trading volume on Friday . Approximately 624,936 shares traded 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.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. HC Wainwright lifted their price target 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 restated an "overweight" rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Citigroup upped their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Finally, JMP Securities reiterated a "market outperform" rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $74.40.

Crinetics Pharmaceuticals Trading Down 16.3 %

The business has a 50 day simple moving average of $55.36 and a two-hundred day simple moving average of $53.22. The company has a market cap of $3.76 billion, a PE ratio of -10.88 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter in the previous year, the firm posted ($1.01) EPS. On average, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jeff E. Knight sold 501 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the completion of the sale, the chief operating officer now owns 51,653 shares of the company's stock, valued at approximately $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several large investors have recently modified their holdings of CRNX. Quest Partners LLC acquired a new position in Crinetics Pharmaceuticals in the second quarter valued at approximately $42,000. Values First Advisors Inc. bought a new position in Crinetics Pharmaceuticals during the 3rd quarter worth $84,000. Allspring Global Investments Holdings LLC acquired a new stake in Crinetics Pharmaceuticals in the third quarter worth $91,000. KBC Group NV increased its position in Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company's stock worth $112,000 after buying an additional 407 shares during the period. Finally, Amalgamated Bank lifted its stake in Crinetics Pharmaceuticals by 20.8% in the second quarter. Amalgamated Bank now owns 2,692 shares of the company's stock valued at $121,000 after buying an additional 464 shares during the last quarter. 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.