Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Down 6.1% - Here's Why

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) shares fell 6.1% during trading on Wednesday . The stock traded as low as $33.14 and last traded at $32.94. 108,772 shares were traded during mid-day trading, a decline of 87% from the average session volume of 813,171 shares. The stock had previously closed at $35.07.

Wall Street Analysts Forecast Growth

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

Crinetics Pharmaceuticals Stock Down 0.5 %

The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -9.31 and a beta of 0.58. The stock has a fifty day moving average price of $36.02 and a two-hundred day moving average price of $47.53.

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Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.92) by $0.04. As a group, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Dana Pizzuti sold 2,515 shares of the stock in a transaction dated 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 directly owns 72,233 shares in the company, valued at $2,470,368.60. This represents a 3.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Richard Scott Struthers sold 17,338 shares of the business'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 $592,959.60. Following the completion of the sale, 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. In the last three months, insiders sold 32,015 shares of company stock valued at $1,119,263. Company insiders own 6.00% of the company's stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently made changes to their positions in CRNX. California State Teachers Retirement System increased its holdings in shares of Crinetics Pharmaceuticals by 18.8% during the 4th quarter. California State Teachers Retirement System now owns 76,264 shares of the company's stock worth $3,899,000 after buying an additional 12,072 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Crinetics Pharmaceuticals during the fourth quarter valued at about $17,117,000. Mackenzie Financial Corp increased its stake in Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company's stock worth $277,000 after acquiring an additional 440 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Crinetics Pharmaceuticals in the 4th quarter worth about $100,000. Finally, Castleark Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 6.1% in the 4th quarter. Castleark Management LLC now owns 77,780 shares of the company's stock valued at $3,977,000 after purchasing an additional 4,440 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.