Crinetics Pharmaceuticals Target of Unusually Large Options Trading (NASDAQ:CRNX)

Key Points

• Crinetics Pharmaceuticals experienced a 1,216% increase in call options trading, with 5,157 call options purchased on a recent Friday.
• Insider Dana Pizzuti sold 30,000 shares of Crinetics stock for approximately $912,900, resulting in a 31.16% decrease in their ownership.
• The company recently saw a stock price increase of 26.1%, trading at $45.27, with an average trading volume significantly surpassed at nearly 4.8 million shares.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) was the recipient of some unusual options trading on Friday. Stock traders purchased 5,157 call options on the company. This is an increase of approximately 1,216% compared to the average daily volume of 392 call options.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction 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 completion of the sale, the insider owned 66,270 shares of the company's stock, valued at approximately $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.60% of the company's stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Exome Asset Management LLC acquired a new stake in Crinetics Pharmaceuticals during the first quarter valued at approximately $1,720,000. Rhumbline Advisers boosted its holdings in Crinetics Pharmaceuticals by 6.3% during the first quarter. Rhumbline Advisers now owns 131,950 shares of the company's stock valued at $4,426,000 after purchasing an additional 7,872 shares in the last quarter. Intech Investment Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 32.1% in the 1st quarter. Intech Investment Management LLC now owns 56,950 shares of the company's stock worth $1,910,000 after acquiring an additional 13,845 shares in the last quarter. Amalgamated Bank grew its position in Crinetics Pharmaceuticals by 17.3% during the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company's stock worth $106,000 after acquiring an additional 467 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Crinetics Pharmaceuticals by 6,291.5% during the 1st quarter. GAMMA Investing LLC now owns 6,775 shares of the company's stock worth $227,000 after acquiring an additional 6,669 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the company. JPMorgan Chase & Co. reduced their price target on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating for the company in a research report on Wednesday. The Goldman Sachs Group assumed coverage on Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. JMP Securities lifted their price objective on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a "market outperform" rating in a research note on Friday. Finally, Robert W. Baird lifted their price objective on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an "outperform" rating in a research note on Friday. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.38.

Crinetics Pharmaceuticals Trading Up 26.1%

CRNX traded up $9.38 on Friday, hitting $45.27. 4,806,714 shares of the stock traded hands, compared to its average volume of 1,006,356. Crinetics Pharmaceuticals has a 52 week low of $24.10 and a 52 week high of $62.53. The firm has a market capitalization of $4.26 billion, a PE ratio of -11.13 and a beta of 0.28. The business has a fifty day moving average price of $31.48 and a two-hundred day moving average price of $31.42.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts' consensus estimates of ($1.13) by ($0.10). The business had revenue of $1.03 million during the quarter, compared to the consensus estimate of $0.52 million. The company's quarterly 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. On average, equities research analysts forecast that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

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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