Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading 5.3% Higher - What's Next?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) rose 5.3% during mid-day trading on Wednesday . The company traded as high as $30.68 and last traded at $30.92. Approximately 49,829 shares were traded during trading, a decline of 94% from the average daily volume of 816,290 shares. The stock had previously closed at $29.37.

Analysts Set New Price Targets

CRNX has been the topic of a number of recent analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. The Goldman Sachs Group assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Thursday. They issued a "neutral" rating and a $36.00 price objective on the stock. Finally, Stifel Nicolaus started 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 on the stock. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $69.50.

Crinetics Pharmaceuticals Price Performance

The stock has a market cap of $2.99 billion, a P/E ratio of -8.36 and a beta of 0.25. The firm's 50-day moving average price is $30.96 and its 200-day moving average price is $34.52.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The firm had revenue of $0.36 million for the quarter, compared to analysts' expectations of $0.10 million. Crinetics Pharmaceuticals's revenue was down 43.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.93) EPS. Sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insider Activity

In other news, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the sale, the insider owned 99,713 shares in the company, valued at $3,213,749.99. This trade represents a 49.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CRNX. Charles Schwab Investment Management Inc. boosted its stake in Crinetics Pharmaceuticals by 15.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 759,126 shares of the company's stock worth $38,814,000 after buying an additional 103,708 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter valued at $750,000. Arizona State Retirement System raised its holdings in shares of Crinetics Pharmaceuticals by 21.6% in the fourth quarter. Arizona State Retirement System now owns 23,469 shares of the company's stock valued at $1,200,000 after acquiring an additional 4,168 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Crinetics Pharmaceuticals by 24.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,095 shares of the company's stock valued at $772,000 after acquiring an additional 2,970 shares in the last quarter. Finally, Swiss National Bank raised its holdings in shares of Crinetics Pharmaceuticals by 21.8% in the fourth quarter. Swiss National Bank now owns 159,400 shares of the company's stock valued at $8,150,000 after acquiring an additional 28,500 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

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.