Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading Up 6.1% - Time to Buy?

Key Points

• Crinetics Pharmaceuticals stock rose 6.1% to $32.89, despite a decline in trading volume, with a consensus rating of "Moderate Buy" from analysts.
• The company reported a 158.4% increase in revenue year-over-year, although it missed earnings per share estimates by $0.10 in its last quarterly results.
• Insider transactions included significant sales, with one insider offloading 30,000 shares, leading to a 31% decrease in their ownership stake.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) rose 6.1% on Tuesday . The stock traded as high as $32.83 and last traded at $32.89. Approximately 523,574 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 940,047 shares. The stock had previously closed at $30.99.

Analyst Ratings Changes

CRNX has been the topic of a number of analyst reports. HC Wainwright reiterated a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. JMP Securities decreased their price target on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating on the stock in a research report on Monday, August 11th. Finally, The Goldman Sachs Group started coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $68.86.

Crinetics Pharmaceuticals Price Performance

The firm has a market capitalization of $3.35 billion, a PE ratio of -8.66 and a beta of 0.28. The business's 50 day moving average is $30.37 and its two-hundred day moving average 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) EPS for the quarter, missing analysts' consensus estimates of ($1.13) by ($0.10). The firm had revenue of $1.03 million for the quarter, compared to analysts' expectations of $0.52 million. Crinetics Pharmaceuticals's revenue was up 158.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.94) earnings per share. Analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the transaction, the insider directly owned 99,713 shares in the company, valued at $3,213,749.99. This trade represents a 49.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $30.43, for a total transaction of $912,900.00. Following the transaction, the insider directly 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 disclosure for this sale can be found here. Insiders have sold 133,975 shares of company stock worth $4,244,214 in the last 90 days. Company insiders own 4.60% of the company's stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. raised its position in Crinetics Pharmaceuticals by 126.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,478 shares of the company's stock worth $75,000 after purchasing an additional 1,382 shares during the period. Headlands Technologies LLC bought a new position in shares of Crinetics Pharmaceuticals during the second quarter valued at about $30,000. Tower Research Capital LLC TRC increased its holdings in shares of Crinetics Pharmaceuticals by 2,295.5% in 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 during the period. Exome Asset Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 22.2% in the 2nd quarter. Exome Asset Management LLC now owns 62,700 shares of the company's stock valued at $1,803,000 after acquiring an additional 11,405 shares during the last quarter. Finally, E Fund Management Co. Ltd. boosted its holdings in Crinetics Pharmaceuticals by 6.1% during the 2nd quarter. E Fund Management Co. Ltd. now owns 10,131 shares of the company's stock valued at $291,000 after acquiring an additional 586 shares during the period. Institutional investors own 98.51% of the company's stock.

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.