Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading Down 4.3% - What's Next?

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) fell 4.3% during trading on Tuesday . The stock traded as low as $31.85 and last traded at $32.10. 382,049 shares were traded during mid-day trading, a decline of 54% from the average session volume of 834,695 shares. The stock had previously closed at $33.54.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRNX. HC Wainwright reaffirmed a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a "peer perform" rating for the company. Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They set a "buy" rating and a $60.00 price target on the stock. TD Cowen began coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating for the company. Finally, JMP Securities restated a "market outperform" rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $73.00.

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Crinetics Pharmaceuticals Stock Performance

The company's 50 day moving average is $35.19 and its 200 day moving average is $46.76. The firm has a market cap of $2.50 billion, a P/E ratio of -7.21 and a beta of 0.37.

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, topping the consensus estimate of ($0.92) by $0.04. On average, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Buying and Selling

In other news, insider Dana Pizzuti sold 2,515 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 $86,013.00. Following the completion of the transaction, the insider now directly owns 72,233 shares of the company's stock, valued at approximately $2,470,368.60. This trade represents a 3.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jeff E. Knight sold 7,162 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value 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 disclosure for this sale can be found here. Insiders sold 32,015 shares of company stock valued at $1,119,263 over the last quarter. Insiders own 6.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Barclays PLC increased its stake in Crinetics Pharmaceuticals by 75.5% in the third quarter. Barclays PLC now owns 207,712 shares of the company's stock valued at $10,614,000 after purchasing an additional 89,358 shares in the last quarter. Franklin Resources Inc. increased its position in Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock valued at $73,815,000 after buying an additional 528,688 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Crinetics Pharmaceuticals by 10.1% in the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company's stock worth $94,458,000 after acquiring an additional 169,746 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Crinetics Pharmaceuticals by 4,084.6% during the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company's stock valued at $27,735,000 after acquiring an additional 529,483 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Crinetics Pharmaceuticals by 0.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 285,956 shares of the company's stock worth $14,612,000 after purchasing an additional 894 shares in the last quarter. Institutional investors and hedge funds 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.