Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Up 5.3% - Here's Why

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. The Goldman Sachs Group assumed coverage on Crinetics Pharmaceuticals in a report on Thursday. They set a "neutral" rating and a $36.00 target price for the company. Stifel Nicolaus assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They set a "buy" rating and a $60.00 target price for the company. Finally, HC Wainwright reaffirmed a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $69.50.

Crinetics Pharmaceuticals Stock Performance

The stock has a market cap of $3.00 billion, a P/E ratio of -8.37 and a beta of 0.25. The stock has a 50-day moving average price of $31.00 and a 200-day moving average price of $34.67.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued 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 firm had revenue of $0.36 million during the quarter, compared to analysts' expectations of $0.10 million. The company's revenue was down 43.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.93) EPS. Sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the completion of the sale, the insider owned 99,713 shares in the company, valued at approximately $3,213,749.99. This trade represents a 49.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.60% of the company's stock.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. KLP Kapitalforvaltning AS bought a new stake in Crinetics Pharmaceuticals in the 4th quarter worth approximately $818,000. Alliancebernstein L.P. lifted its position in Crinetics Pharmaceuticals by 9.9% in the 4th quarter. Alliancebernstein L.P. now owns 101,720 shares of the company's stock worth $5,201,000 after buying an additional 9,190 shares during the last quarter. Invesco Ltd. lifted its position in Crinetics Pharmaceuticals by 16.8% in the 4th quarter. Invesco Ltd. now owns 298,254 shares of the company's stock worth $15,250,000 after buying an additional 42,954 shares during the last quarter. GAMMA Investing LLC lifted its position in Crinetics Pharmaceuticals by 6,291.5% in the 1st quarter. GAMMA Investing LLC now owns 6,775 shares of the company's stock worth $227,000 after buying an additional 6,669 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in Crinetics Pharmaceuticals by 18.9% in the 4th quarter. Wells Fargo & Company MN now owns 100,916 shares of the company's stock worth $5,160,000 after buying an additional 16,025 shares during the last quarter. Institutional investors 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.