Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price Down 5.2% - Here's Why

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) dropped 5.2% during mid-day trading on Tuesday . The stock traded as low as $36.87 and last traded at $36.96. Approximately 311,923 shares were traded during trading, a decline of 70% from the average daily volume of 1,038,638 shares. The stock had previously closed at $38.98.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. HC Wainwright reissued a "buy" rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday. Cantor Fitzgerald reiterated an "overweight" rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Citigroup upped their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Finally, JMP Securities reiterated a "market outperform" rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $74.40.

Crinetics Pharmaceuticals Price Performance

The firm has a 50 day moving average price of $54.68 and a 200-day moving average price of $53.29. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of -9.55 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the prior year, the firm earned ($1.01) earnings per share. Equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 501 shares of the company's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the transaction, the chief operating officer now directly owns 51,653 shares of the company's stock, valued at $2,919,427.56. This represents a 0.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.00% of the stock is owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

Large investors have recently modified their holdings of the business. AQR Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 3.3% during the second quarter. AQR Capital Management LLC now owns 7,126 shares of the company's stock worth $319,000 after buying an additional 227 shares during the period. US Bancorp DE raised its position in Crinetics Pharmaceuticals by 3.4% in the third quarter. US Bancorp DE now owns 11,488 shares of the company's stock valued at $587,000 after purchasing an additional 373 shares during the period. KBC Group NV boosted its position in shares of Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company's stock worth $112,000 after buying an additional 407 shares during the period. Amalgamated Bank lifted its position in shares of Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company's stock worth $121,000 after purchasing an additional 464 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Crinetics Pharmaceuticals by 2.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company's stock worth $1,054,000 after buying an additional 505 shares in the last quarter. 98.51% of the stock is currently 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.