Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price Down 5.1% - Should You Sell?

Key Points

• Crinetics Pharmaceuticals shares dropped 5.1% to $43.58 during trading on Monday, with volumes significantly higher than usual at 1,573,612 shares.
• Analysts have mixed price targets for the stock, with Leerink Partners raising their target to $88.00 and JMP Securities to $143.00, while JPMorgan Chase lowered theirs to $52.00.
• The company reported a quarterly EPS of ($1.23), missing estimates, but revenues soared to $1.03 million, significantly exceeding expectations of $0.52 million.

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) were down 5.1% during trading on Monday . The stock traded as low as $43.32 and last traded at $43.58. Approximately 1,573,612 shares traded hands during mid-day trading, an increase of 51% from the average daily volume of 1,044,504 shares. The stock had previously closed at $45.91.

Analysts Set New Price Targets

Several analysts have recently commented on CRNX shares. Leerink Partners raised their target price on shares of Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the stock an "outperform" rating in a research note on Monday. HC Wainwright restated a "buy" rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. JMP Securities raised their target price on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a "market outperform" rating in a research note on Friday. JPMorgan Chase & Co. reduced their target price on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating for the company in a research note on Wednesday, September 24th. Finally, Morgan Stanley raised their target price on shares of Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the stock an "overweight" rating in a research note on Monday. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $73.20.

Crinetics Pharmaceuticals Price Performance

The company's 50 day moving average is $31.78 and its 200 day moving average is $31.45. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of -10.59 and a beta of 0.28.

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

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 30,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $30.43, for a total transaction of $912,900.00. Following the completion of the transaction, the insider directly owned 66,270 shares in the company, valued at approximately $2,016,596.10. This trade represents a 31.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 6.00% of the company's stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. grew its holdings in shares of Crinetics Pharmaceuticals by 126.1% during the second quarter. Osaic Holdings Inc. now owns 2,478 shares of the company's stock worth $75,000 after buying an additional 1,382 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth about $30,000. Tower Research Capital LLC TRC grew its holdings in shares of Crinetics Pharmaceuticals by 2,295.5% during the second quarter. Tower Research Capital LLC TRC now owns 12,768 shares of the company's stock worth $367,000 after buying an additional 12,235 shares in the last quarter. Exome Asset Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 22.2% during the second quarter. Exome Asset Management LLC now owns 62,700 shares of the company's stock worth $1,803,000 after buying an additional 11,405 shares in the last quarter. Finally, E Fund Management Co. Ltd. grew its holdings in shares of Crinetics Pharmaceuticals by 6.1% during the second quarter. E Fund Management Co. Ltd. now owns 10,131 shares of the company's stock worth $291,000 after buying an additional 586 shares in the last quarter. 98.51% of the stock is currently 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.

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