Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price Down 4.7% - What's Next?

Key Points

• Crinetics Pharmaceuticals saw its stock price decrease by 4.7% to $33.81, with trading volume significantly lower than the average.
• Analysts have varying views on the stock, with price targets ranging from $36.00 (Goldman Sachs) to $81.00 (HC Wainwright), while the consensus target price is $65.33.
• The company reported a revenue increase of 158.4% year-over-year, although it posted a larger loss than anticipated for the recent quarter.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) shares were down 4.7% on Friday . The stock traded as low as $33.83 and last traded at $33.81. Approximately 441,085 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 963,898 shares. The stock had previously closed at $35.48.

Analyst Ratings Changes

A number of equities analysts recently commented on CRNX shares. HC Wainwright reaffirmed a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. JMP Securities dropped their price objective on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a report on Monday, August 11th. Finally, The Goldman Sachs Group initiated coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.33.

Crinetics Pharmaceuticals Stock Performance

The stock has a 50-day moving average price of $31.26 and a two-hundred day moving average price of $31.34. The stock has a market capitalization of $3.19 billion, a PE ratio of -8.24 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its 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 during the quarter, compared to analysts' expectations of $0.52 million. During the same quarter in the prior year, the company posted ($0.94) earnings per share. The business's revenue was up 158.4% on a year-over-year basis. As a group, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 30,000 shares of the firm's 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 transaction, the insider owned 66,270 shares in the company, valued at $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. KBC Group NV increased its holdings in shares of Crinetics Pharmaceuticals by 10.0% in the first quarter. KBC Group NV now owns 4,082 shares of the company's stock valued at $137,000 after buying an additional 370 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 0.7% during the 1st quarter. MetLife Investment Management LLC now owns 53,414 shares of the company's stock valued at $1,792,000 after acquiring an additional 394 shares in the last quarter. GF Fund Management CO. LTD. boosted its holdings in Crinetics Pharmaceuticals by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock worth $80,000 after purchasing an additional 428 shares in the last quarter. Arizona State Retirement System boosted its holdings in Crinetics Pharmaceuticals by 1.8% in the first quarter. Arizona State Retirement System now owns 23,899 shares of the company's stock worth $802,000 after purchasing an additional 430 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Crinetics Pharmaceuticals by 8.8% in the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company's stock worth $277,000 after purchasing an additional 440 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

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.