Crinetics Pharmaceuticals (NASDAQ:CRNX) Sees Strong Trading Volume – What’s Next?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares saw strong trading volume on Thursday . Approximately 8,334,161 shares traded hands during trading, an increase of 258% from the previous session’s volume of 2,328,045 shares.The stock last traded at $84.71 and had previously closed at $84.69.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 7th. Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and lifted their target price for the stock from $55.00 to $85.00 in a report on Tuesday, July 7th. UBS Group reiterated a “neutral” rating and set a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 28th. Robert W. Baird increased their price target on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Finally, Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $81.00.

Crinetics Pharmaceuticals Stock Performance

The company has a market capitalization of $8.99 billion, a price-to-earnings ratio of -16.81 and a beta of 0.12. The company has a 50-day moving average price of $67.02 and a 200-day moving average price of $48.93.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business had revenue of $25.12 million for the quarter, compared to the consensus estimate of $14.84 million. During the same period last year, the company posted ($1.23) EPS. Crinetics Pharmaceuticals’s revenue for the quarter was up 2336.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other news, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the transaction, the director directly owned 6,400 shares of the company’s stock, valued at $228,288. This trade represents a 51.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the business’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the director directly owned 19,225 shares of the company’s stock, valued at $769,000. This trade represents a 13.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% 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 the business. Smartleaf Asset Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after acquiring an additional 331 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at about $30,000. Raymond James Financial Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at approximately $45,000. Parallel Advisors LLC grew its position in shares of Crinetics Pharmaceuticals by 34.6% in the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares during the period. Finally, Arax Advisory Partners increased its stake in Crinetics Pharmaceuticals by 131.2% during the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after purchasing an additional 850 shares in the last quarter. 98.51% of the stock is currently 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.