Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Down 3.5% - Here's What Happened

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) shares were down 3.5% during trading on Monday . The company traded as low as $51.07 and last traded at $51.31. Approximately 68,523 shares changed hands during trading, a decline of 82% from the average daily volume of 370,558 shares. The stock had previously closed at $53.15.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRNX. HC Wainwright raised their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Citigroup raised their target price on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a "buy" rating in a report on Thursday, November 14th. JMP Securities reaffirmed a "market outperform" rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Ten analysts have rated the stock with a buy rating, According to MarketBeat, Crinetics Pharmaceuticals currently has an average rating of "Buy" and an average price target of $74.40.

Crinetics Pharmaceuticals Trading Down 5.0 %

The business has a 50 day simple moving average of $55.79 and a 200-day simple moving average of $53.26. The stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of -13.54 and a beta of 0.60.

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

Insider Activity at Crinetics Pharmaceuticals

In related 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 value of $28,316.52. Following the transaction, the chief operating officer now owns 51,653 shares in the company, 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 SEC, which is accessible through the SEC website. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Large investors have recently made changes to their positions in the business. Natixis Advisors LLC grew its stake in shares of Crinetics Pharmaceuticals by 18.4% in the second quarter. Natixis Advisors LLC now owns 32,476 shares of the company's stock valued at $1,455,000 after buying an additional 5,052 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Crinetics Pharmaceuticals by 3.3% in the second quarter. Rhumbline Advisers now owns 112,319 shares of the company's stock valued at $5,031,000 after purchasing an additional 3,626 shares during the period. Arizona State Retirement System grew its holdings in Crinetics Pharmaceuticals by 5.4% during the 2nd quarter. Arizona State Retirement System now owns 18,543 shares of the company's stock valued at $831,000 after purchasing an additional 958 shares in the last quarter. Quest Partners LLC purchased a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth $42,000. Finally, Nicholas Investment Partners LP purchased a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at about $2,374,000. Institutional investors and hedge funds 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.