Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) shares traded down 5.8% on Friday . The stock traded as low as $31.36 and last traded at $31.12. 478,161 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 817,089 shares. The stock had previously closed at $33.02.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the stock. Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They issued a "buy" rating and a $60.00 price target on the stock. The Goldman Sachs Group started coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price target on the stock. Finally, HC Wainwright restated a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $69.50.
Read Our Latest Analysis on Crinetics Pharmaceuticals
Crinetics Pharmaceuticals Trading Down 5.8%
The firm has a market cap of $2.91 billion, a P/E ratio of -8.14 and a beta of 0.25. The stock has a 50 day simple moving average of $31.00 and a 200-day simple moving average of $33.71.
Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.99) by ($0.05). The company had revenue of $0.36 million for the quarter, compared to the consensus estimate of $0.10 million. During the same quarter last year, the firm posted ($0.93) earnings per share. The firm's quarterly revenue was down 43.6% compared to the same quarter last year. As a group, equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.
Insider Activity at Crinetics Pharmaceuticals
In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $32.23, for a total value of $3,141,877.09. Following the completion of the transaction, the insider directly owned 99,713 shares of the company's stock, valued at $3,213,749.99. This trade represents a 49.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 4.60% of the stock is owned by insiders.
Hedge Funds Weigh In On Crinetics Pharmaceuticals
Large investors have recently made changes to their positions in the company. KLP Kapitalforvaltning AS bought a new position in Crinetics Pharmaceuticals in the 4th quarter worth about $818,000. Amalgamated Bank lifted its position in Crinetics Pharmaceuticals by 17.3% during the first quarter. Amalgamated Bank now owns 3,159 shares of the company's stock valued at $106,000 after acquiring an additional 467 shares during the last quarter. Alliancebernstein L.P. lifted its position in Crinetics Pharmaceuticals by 9.9% during the fourth quarter. Alliancebernstein L.P. now owns 101,720 shares of the company's stock valued at $5,201,000 after acquiring an additional 9,190 shares during the last quarter. Invesco Ltd. lifted its position in Crinetics Pharmaceuticals by 16.8% during the fourth quarter. Invesco Ltd. now owns 298,254 shares of the company's stock valued at $15,250,000 after acquiring an additional 42,954 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Crinetics Pharmaceuticals by 6,291.5% during the 1st quarter. GAMMA Investing LLC now owns 6,775 shares of the company's stock valued at $227,000 after purchasing an additional 6,669 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.
About Crinetics Pharmaceuticals
(
Get Free Report)
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.
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