Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading Down 4.4%

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNXGet Rating)’s share price traded down 4.4% during mid-day trading on Wednesday . The stock traded as low as $18.33 and last traded at $18.80. 2,227 shares traded hands during trading, a decline of 99% from the average session volume of 286,144 shares. The stock had previously closed at $19.66.

Several equities research analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Crinetics Pharmaceuticals in a report on Thursday, March 31st. JMP Securities restated a “buy” rating and issued a $45.00 target price on shares of Crinetics Pharmaceuticals in a report on Wednesday, April 6th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $35.67.

The company has a 50-day simple moving average of $20.90 and a 200 day simple moving average of $22.25. The company has a market capitalization of $996.82 million, a P/E ratio of -6.55 and a beta of 1.41.

Crinetics Pharmaceuticals (NASDAQ:CRNXGet Rating) last released its quarterly earnings data on Thursday, May 12th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.17). The firm had revenue of $3.13 million during the quarter. On average, analysts predict that Crinetics Pharmaceuticals, Inc. will post -2.55 earnings per share for the current year.

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 4,164 shares of the company’s stock in a transaction on Thursday, March 31st. The stock was sold at an average price of $21.06, for a total value of $87,693.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Perceptive Advisors Llc purchased 157,515 shares of the stock in a transaction on Monday, April 18th. The stock was bought at an average price of $22.22 per share, for a total transaction of $3,499,983.30. Following the completion of the transaction, the insider now directly owns 5,321,032 shares of the company’s stock, valued at $118,233,331.04. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 185,198 shares of company stock worth $4,837,471. 7.40% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Deep Track Capital LP acquired a new position in shares of Crinetics Pharmaceuticals during the fourth quarter valued at $53,979,000. Frazier Life Sciences Management L.P. acquired a new position in Crinetics Pharmaceuticals during the first quarter valued at approximately $31,055,000. Perceptive Advisors LLC lifted its position in shares of Crinetics Pharmaceuticals by 30.3% in the fourth quarter. Perceptive Advisors LLC now owns 5,163,517 shares of the company’s stock valued at $146,696,000 after buying an additional 1,200,000 shares during the last quarter. BVF Inc. IL lifted its position in shares of Crinetics Pharmaceuticals by 3,828.7% in the third quarter. BVF Inc. IL now owns 953,879 shares of the company’s stock valued at $20,079,000 after buying an additional 929,599 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Crinetics Pharmaceuticals by 25.2% during the fourth quarter. BlackRock Inc. now owns 3,276,170 shares of the company’s stock worth $93,077,000 after purchasing an additional 659,331 shares during the period. 92.66% of the stock is currently owned by institutional investors.

About Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is Paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist that has completed phase III clinical trial for the treatment of acromegaly, as well as completed phase II clinical trial to treat carcinoid syndrome and nonfunctional neuroendocrine tumors (NETs).

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