Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price Up 6.1% Following Strong Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report)'s share price traded up 6.1% during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $35.54 and last traded at $35.22. 316,920 shares were traded during mid-day trading, a decline of 68% from the average session volume of 988,274 shares. The stock had previously closed at $33.21.

The company reported ($0.88) earnings per share for the quarter, beating analysts' consensus estimates of ($0.92) by $0.04.

Analysts Set New Price Targets

CRNX has been the topic of several research analyst reports. Citigroup lifted their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price target for the company in a research note on Wednesday, January 22nd. Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a "peer perform" rating on the stock. HC Wainwright restated a "buy" rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Finally, TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They set a "buy" rating on the stock. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $72.64.

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Insider Activity

In other news, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total transaction of $195,350.00. Following the completion of the transaction, the insider now owns 31,748 shares of the company's stock, valued at $1,240,394.36. The trade was a 13.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 6.00% of the company's stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in CRNX. Venturi Wealth Management LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $41,000. State of Wyoming purchased a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at approximately $50,000. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals during the 4th quarter valued at $52,000. Harvest Fund Management Co. Ltd purchased a new position in Crinetics Pharmaceuticals during the fourth quarter worth $66,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Crinetics Pharmaceuticals in the third quarter worth $91,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Down 0.2 %

The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -9.13 and a beta of 0.56. The stock has a fifty day moving average price of $40.77 and a two-hundred day moving average price of $49.93.

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.