Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Down 3.5% – Should You Sell?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s share price was down 3.5% during mid-day trading on Monday . The stock traded as low as $51.07 and last traded at $51.31. Approximately 68,523 shares changed hands during trading, a decline of 82% from the average daily volume of 370,558 shares. The stock had previously closed at $53.15.

Analyst Ratings Changes

A number of equities analysts have weighed in on CRNX shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. JMP Securities restated a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Citigroup lifted their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, HC Wainwright raised their price target on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $74.40.

Crinetics Pharmaceuticals Price Performance

The stock’s fifty day simple moving average is $55.51 and its 200-day simple moving average is $53.26. The stock has a market cap of $4.50 billion, a P/E ratio of -13.00 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results 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 last year, the company earned ($1.01) earnings per share. Analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

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

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the stock. Quest Partners LLC bought a new stake in Crinetics Pharmaceuticals during the second quarter worth approximately $42,000. Values First Advisors Inc. acquired a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at $84,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter worth $91,000. KBC Group NV lifted its holdings 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 valued at $112,000 after buying an additional 407 shares during the period. Finally, Amalgamated Bank boosted its stake in Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after buying an additional 464 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

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.