Crinetics Pharmaceuticals (NASDAQ:CRNX) Sees Large Volume Increase – Here’s Why

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) saw unusually-high trading volume on Friday . Approximately 624,936 shares were traded during mid-day trading, an increase of 12% from the previous session’s volume of 558,869 shares.The stock last traded at $43.79 and had previously closed at $48.50.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRNX. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. JMP Securities reaffirmed a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Citigroup raised their price target 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 increased their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $74.40.

Crinetics Pharmaceuticals Stock Down 16.3 %

The business’s 50 day moving average is $55.04 and its two-hundred day moving average is $53.25. The firm has a market capitalization of $3.76 billion, a P/E ratio of -10.88 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period in the prior year, the business earned ($1.01) EPS. As a group, equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the transaction, the chief operating officer now owns 51,653 shares in the company, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently modified their holdings of CRNX. JPMorgan Chase & Co. lifted its holdings in shares of Crinetics Pharmaceuticals by 0.3% during the third quarter. JPMorgan Chase & Co. now owns 285,956 shares of the company’s stock valued at $14,612,000 after purchasing an additional 894 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 488.5% in the third quarter. Principal Financial Group Inc. now owns 77,709 shares of the company’s stock worth $3,971,000 after buying an additional 64,504 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 61.4% in the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after buying an additional 528,688 shares during the period. Geode Capital Management LLC increased its position in shares of Crinetics Pharmaceuticals by 10.1% in the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after acquiring an additional 169,746 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after acquiring an additional 89,358 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

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.