Crinetics Pharmaceuticals (NASDAQ:CRNX) Sets New 1-Year Low – Should You Sell?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s share price hit a new 52-week low on Monday . The stock traded as low as $31.65 and last traded at $33.93, with a volume of 1477206 shares changing hands. The stock had previously closed at $34.73.

Analysts Set New Price Targets

Several research firms have recently issued reports on CRNX. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Wednesday, January 22nd. HC Wainwright reissued a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. JMP Securities restated a “market outperform” rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating for the company. Finally, Stifel Nicolaus began coverage on Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They set a “buy” rating and a $60.00 target price on the stock. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Crinetics Pharmaceuticals Trading Down 3.4 %

The stock has a 50-day moving average of $36.02 and a two-hundred day moving average of $47.51. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of -8.99 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($0.92) by $0.04. Sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 17,338 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $592,959.60. Following the transaction, the chief executive officer now owns 329,147 shares in the company, valued at $11,256,827.40. This represents a 5.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total transaction of $195,350.00. Following the completion of the sale, the insider now directly owns 31,748 shares of the company’s stock, valued at $1,240,394.36. This trade represents a 13.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,015 shares of company stock valued at $1,119,263 in the last three months. 6.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CRNX. Venturi Wealth Management LLC purchased a new position in shares of Crinetics Pharmaceuticals during the 4th quarter valued at $41,000. State of Wyoming acquired a new position in Crinetics Pharmaceuticals in the 4th quarter worth about $50,000. Headlands Technologies LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter worth about $52,000. Harvest Fund Management Co. Ltd acquired a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at approximately $66,000. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter valued at $100,000. Institutional investors and hedge funds 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.