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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) saw strong trading volume on Friday . 624,936 shares were traded during 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.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Citigroup lifted their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a 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 report on Monday, December 16th. Finally, HC Wainwright increased their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Ten investment 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 a consensus target price of $74.40.

Crinetics Pharmaceuticals Stock Down 11.1 %

The company has a 50 day moving average of $55.36 and a two-hundred day moving average of $53.22. The firm has a market cap of $4.00 billion, a P/E ratio of -11.55 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its 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 previous year, the company posted ($1.01) EPS. Research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Jeff E. Knight sold 501 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was 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 $2,919,427.56. This represents a 0.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC bought a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $42,000. Values First Advisors Inc. acquired a new position in Crinetics Pharmaceuticals during the 3rd quarter worth $84,000. Allspring Global Investments Holdings LLC acquired a new position in Crinetics Pharmaceuticals during the 3rd quarter worth $91,000. KBC Group NV boosted its holdings in Crinetics Pharmaceuticals by 22.8% during the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after acquiring an additional 407 shares during the period. Finally, Amalgamated Bank grew its position in shares of Crinetics Pharmaceuticals by 20.8% in the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after purchasing an additional 464 shares during the last quarter. Institutional investors 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.