Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price Down 2.7% - Here's Why

Key Points

• Crinetics Pharmaceuticals stock experienced a decline of 2.7% during mid-day trading, with a significant drop in trading volume of 94% from its average.
• The company reported an earnings per share of (1.23), which was below the consensus estimate, despite revenue increasing by 158.4% year-over-year.
• Analysts' ratings reflect a consensus of a "Moderate Buy" with a target price averaging $68.86, indicating potential upside despite recent performance.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) fell 2.7% during mid-day trading on Thursday . The company traded as low as $34.07 and last traded at $34.05. 60,020 shares changed hands during trading, a decline of 94% from the average session volume of 957,629 shares. The stock had previously closed at $35.00.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CRNX. JMP Securities lowered their target price on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a research note on Monday, August 11th. HC Wainwright reissued a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. Finally, The Goldman Sachs Group began coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 10th. They set a "neutral" rating and a $36.00 target price for the company. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $68.86.

Crinetics Pharmaceuticals Trading Down 4.0%

The company has a market capitalization of $3.16 billion, a P/E ratio of -8.18 and a beta of 0.28. The firm's 50 day moving average price is $30.77 and its two-hundred day moving average price is $31.36.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The firm had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. The firm's quarterly revenue was up 158.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.94) earnings per share. Analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $30.43, for a total value of $912,900.00. Following the completion of the sale, the insider owned 66,270 shares of the company's stock, valued at approximately $2,016,596.10. This represents a 31.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.60% of the company's stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company's stock valued at $312,311,000 after buying an additional 222,209 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 1.6% in the 1st quarter. Driehaus Capital Management LLC now owns 6,239,902 shares of the company's stock valued at $209,286,000 after buying an additional 98,888 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Crinetics Pharmaceuticals by 21.2% in the 4th quarter. Point72 Asset Management L.P. now owns 2,788,939 shares of the company's stock valued at $142,598,000 after buying an additional 488,296 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 1.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,213,325 shares of the company's stock valued at $63,662,000 after buying an additional 22,393 shares during the last quarter. Finally, Paradigm Biocapital Advisors LP boosted its holdings in shares of Crinetics Pharmaceuticals by 1.9% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 1,946,168 shares of the company's stock valued at $65,274,000 after buying an additional 35,407 shares during the last quarter. Institutional investors and hedge funds 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.

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