Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Down 8.2% – Should You Sell?

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) traded down 8.2% during trading on Tuesday . The stock traded as low as $44.50 and last traded at $44.2410. 385,880 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 1,910,791 shares. The stock had previously closed at $48.18.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CRNX. Citizens Jmp reduced their target price on Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating on the stock in a report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, October 8th. JMP Securities lifted their price objective on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research note on Friday, September 26th. Robert W. Baird increased their target price on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, September 26th. Finally, Leerink Partners raised their target price on shares of Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Monday, September 29th. Eleven research 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’s stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $77.55.

Crinetics Pharmaceuticals Stock Performance

The stock has a market cap of $5.05 billion, a PE ratio of -11.75 and a beta of 0.20. The stock has a fifty day moving average price of $45.76 and a 200 day moving average price of $38.26.

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

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Isabel Kalofonos sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $55.00, for a total transaction of $137,500.00. Following the completion of the transaction, the insider owned 834 shares in the company, valued at $45,870. The trade was a 74.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $42.66, for a total value of $213,300.00. Following the transaction, the insider directly owned 66,270 shares in the company, valued at approximately $2,827,078.20. This represents a 7.02% decrease in their position. The SEC filing for this sale provides additional information. 4.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the business. Headlands Technologies LLC bought a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at $30,000. Farther Finance Advisors LLC boosted its stake in shares of Crinetics Pharmaceuticals by 523.7% during the third quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock valued at $35,000 after purchasing an additional 707 shares during the period. Raymond James Financial Inc. bought a new position in shares of Crinetics Pharmaceuticals in the second quarter worth about $45,000. Penserra Capital Management LLC bought a new position in shares of Crinetics Pharmaceuticals in the second quarter worth about $48,000. Finally, Covestor Ltd increased its stake in Crinetics Pharmaceuticals by 23,983.3% in the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after buying an additional 1,439 shares during the period. 98.51% of the stock is owned by institutional investors.

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.