Crinetics Pharmaceuticals (NASDAQ:CRNX) Sees Strong Trading Volume

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) saw strong trading volume on Wednesday . 1,419,396 shares changed hands during mid-day trading, an increase of 83% from the previous session's volume of 775,118 shares.The stock last traded at $47.19 and had previously closed at $46.00.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Jefferies Financial Group started coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, December 21st. They set a "hold" rating and a $35.00 target price on the stock. Jonestrading upped their target price on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a "buy" rating in a research note on Wednesday, March 20th. Cantor Fitzgerald raised their price target on Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the company an "overweight" rating in a report on Monday, March 4th. JMP Securities reissued a "market outperform" rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a report on Thursday, March 28th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $50.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 19th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $54.17.

Crinetics Pharmaceuticals Stock Performance

The stock's 50 day moving average price is $40.58 and its 200-day moving average price is $34.78. The company has a market cap of $3.31 billion, a PE ratio of -12.87 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 52.93%. The firm's quarterly revenue was down 100.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.84) EPS. On average, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.34 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $37.65, for a total value of $112,950.00. Following the transaction, the insider now owns 76,298 shares in the company, valued at $2,872,619.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $37.65, for a total transaction of $112,950.00. Following the completion of the sale, the insider now directly owns 76,298 shares in the company, valued at $2,872,619.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Marc Wilson sold 6,942 shares of the business's stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total value of $297,881.22. Following the transaction, the chief financial officer now directly owns 110,630 shares in the company, valued at $4,747,133.30. The disclosure for this sale can be found here. Insiders sold 137,890 shares of company stock worth $6,081,310 in the last ninety days. 7.00% of the stock is owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew its stake in Crinetics Pharmaceuticals by 109.9% in the first quarter. Tower Research Capital LLC TRC now owns 1,927 shares of the company's stock worth $31,000 after purchasing an additional 1,009 shares during the period. Quarry LP purchased a new position in Crinetics Pharmaceuticals during the 4th quarter valued at about $36,000. China Universal Asset Management Co. Ltd. boosted its stake in Crinetics Pharmaceuticals by 98.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,403 shares of the company's stock worth $42,000 after acquiring an additional 695 shares in the last quarter. Osaic Holdings Inc. grew its holdings in Crinetics Pharmaceuticals by 382.4% in the second quarter. Osaic Holdings Inc. now owns 2,412 shares of the company's stock worth $43,000 after purchasing an additional 1,912 shares during the period. Finally, AJOVista LLC bought a new position in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $58,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

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.