Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price Down 7.9% – Time to Sell?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) dropped 7.9% during trading on Thursday . The stock traded as low as $44.61 and last traded at $43.91. Approximately 232,598 shares traded hands during trading, a decline of 79% from the average daily volume of 1,127,307 shares. The stock had previously closed at $47.69.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, September 26th. Citizens Jmp cut their target price on Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating for the company in a research note on Friday, November 7th. JMP Securities upped their price target on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a “market outperform” rating in a research note on Friday, September 26th. Morgan Stanley raised their price objective on Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Finally, Robert W. Baird upped their target price on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, September 26th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.55.

Crinetics Pharmaceuticals Stock Performance

The firm has a 50-day simple moving average of $44.31 and a two-hundred day simple moving average of $36.74. The company has a market capitalization of $4.56 billion, a price-to-earnings ratio of -10.60 and a beta of 0.20.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($1.38) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The business had revenue of $0.14 million for the quarter, compared to the consensus estimate of $0.39 million. During the same period in the previous year, the company earned ($0.96) earnings per share. As a group, equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, Director Matthew K. Fust sold 16,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $44.75, for a total value of $716,000.00. Following the completion of the transaction, the director owned 22,836 shares in the company, valued at approximately $1,021,911. This trade represents a 41.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Richard Scott Struthers sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $45.00, for a total transaction of $180,000.00. Following the completion of the sale, the chief executive officer directly owned 106,000 shares in the company, valued at approximately $4,770,000. This trade represents a 3.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 30,000 shares of company stock valued at $1,318,350 in the last quarter. Corporate insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several large investors have recently bought and sold shares of the business. Wellington Management Group LLP lifted its holdings in Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after buying an additional 2,574,683 shares during the last quarter. Vestal Point Capital LP acquired a new position in Crinetics Pharmaceuticals in the first quarter valued at approximately $50,310,000. Farallon Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 24.2% in the third quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock valued at $240,325,000 after purchasing an additional 1,124,000 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Crinetics Pharmaceuticals by 279.2% during the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock worth $52,426,000 after purchasing an additional 926,765 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Crinetics Pharmaceuticals by 157.7% during the third quarter. Ameriprise Financial Inc. now owns 614,816 shares of the company’s stock worth $25,607,000 after purchasing an additional 376,206 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.