Crinetics Pharmaceuticals (NASDAQ:CRNX) Sets New 12-Month Low - Here's What Happened

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) shares hit a new 52-week low during trading on Monday . The stock traded as low as $31.65 and last traded at $33.93, with a volume of 1477206 shares. The stock had previously closed at $34.73.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRNX. Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a "peer perform" rating for the company. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price objective on the stock in a research note on Wednesday, January 22nd. Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They issued a "buy" rating and a $60.00 target price for the company. HC Wainwright reiterated a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Finally, TD Cowen assumed coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating for the company. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $73.00.

Crinetics Pharmaceuticals Price Performance

The firm has a market capitalization of $2.50 billion, a P/E ratio of -7.21 and a beta of 0.37. The firm's fifty day moving average price is $35.19 and its 200-day moving average price is $46.80.

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Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.04. Analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 7,162 shares of the business's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $244,940.40. Following the sale, the chief operating officer now owns 87,491 shares in the company, valued at approximately $2,992,192.20. The trade was a 7.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard Scott Struthers sold 17,338 shares of the firm's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the completion of the transaction, the chief executive officer now owns 329,147 shares of the company's stock, valued at approximately $11,256,827.40. The trade was a 5.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,015 shares of company stock worth $1,119,263 in the last ninety days. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Crinetics Pharmaceuticals by 44.6% during the 4th quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company's stock valued at $464,741,000 after purchasing an additional 2,801,736 shares during the period. FMR LLC raised its position in Crinetics Pharmaceuticals by 100.4% during the fourth quarter. FMR LLC now owns 8,928,086 shares of the company's stock valued at $456,493,000 after buying an additional 4,472,316 shares during the period. Wellington Management Group LLP lifted its stake in Crinetics Pharmaceuticals by 55.9% in the 4th quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company's stock worth $355,382,000 after acquiring an additional 2,490,876 shares in the last quarter. Driehaus Capital Management LLC boosted its position in Crinetics Pharmaceuticals by 4.3% during the 4th quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company's stock worth $313,990,000 after acquiring an additional 255,766 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Crinetics Pharmaceuticals by 9.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company's stock worth $276,844,000 after purchasing an additional 469,748 shares during the period. Hedge funds and other 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.