Crinetics Pharmaceuticals (NASDAQ:CRNX) Sees Large Volume Increase – Still a Buy?

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) saw an uptick in trading volume on Wednesday . 659,923 shares traded hands during trading, a decline of 15% from the previous session’s volume of 773,758 shares.The stock last traded at $50.01 and had previously closed at $51.70.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRNX. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Oppenheimer reaffirmed an “outperform” rating and set a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. JPMorgan Chase & Co. lifted their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Finally, Piper Sandler reiterated an “overweight” rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.55.

Crinetics Pharmaceuticals Stock Down 3.5 %

The firm has a market capitalization of $3.94 billion, a P/E ratio of -13.68 and a beta of 0.63. The company’s 50 day moving average is $51.88 and its 200-day moving average is $48.87.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The company had revenue of $0.40 million during the quarter, compared to analyst estimates of $0.47 million. Crinetics Pharmaceuticals’s quarterly revenue was down 59.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.94) earnings per share. On average, analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 1,035 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total value of $53,302.50. Following the completion of the transaction, the insider now owns 68,576 shares in the company, valued at $3,531,664. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the completion of the transaction, the insider now directly owns 28,507 shares in the company, valued at approximately $1,557,337.41. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephen F. Betz sold 1,035 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the completion of the sale, the insider now directly owns 68,576 shares in the company, valued at approximately $3,531,664. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,466 shares of company stock valued at $6,322,956. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank purchased a new position in shares of Crinetics Pharmaceuticals in the 1st quarter worth about $33,000. Quarry LP bought a new position in Crinetics Pharmaceuticals during the fourth quarter valued at approximately $36,000. Quest Partners LLC purchased a new position in shares of Crinetics Pharmaceuticals during the second quarter worth approximately $42,000. Amalgamated Bank lifted its holdings in shares of Crinetics Pharmaceuticals by 20.8% in the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after acquiring an additional 464 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Crinetics Pharmaceuticals in the 1st quarter valued at $200,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

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.