Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 1-Year Low – Time to Sell?

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) reached a new 52-week low on Tuesday . The stock traded as low as $35.01 and last traded at $34.96, with a volume of 88227 shares. The stock had previously closed at $36.53.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRNX. Citigroup upped their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, November 14th. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a report on Tuesday. They issued a “buy” rating on the stock. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Wednesday, January 22nd. HC Wainwright reiterated a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.64.

Crinetics Pharmaceuticals Price Performance

The firm has a 50 day simple moving average of $46.99 and a 200-day simple moving average of $51.62. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of -9.41 and a beta of 0.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data 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 in the previous year, the business posted ($1.01) earnings per share. On average, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Jeff E. Knight sold 501 shares of the firm’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 trade represents a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dana Pizzuti sold 5,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $39.07, for a total value of $195,350.00. Following the completion of the transaction, the insider now owns 31,748 shares in the company, valued at approximately $1,240,394.36. This represents a 13.61 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRNX. Venturi Wealth Management LLC acquired a new position in shares of Crinetics Pharmaceuticals in the 4th quarter valued at approximately $41,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Crinetics Pharmaceuticals in the 4th quarter valued at approximately $66,000. Values First Advisors Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at approximately $84,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at approximately $91,000. Finally, KBC Group NV grew its position in shares of Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after purchasing an additional 407 shares during the period. 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.