Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 1-Year Low – Time to Sell?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $35.01 and last traded at $34.96, with a volume of 88227 shares. The stock had previously closed at $36.53.

Analyst Ratings Changes

A number of research analysts have issued reports on CRNX shares. Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They issued a “peer perform” rating for the company. Citigroup raised their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. TD Cowen started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday. They issued a “buy” rating for the company. Finally, Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Wednesday, January 22nd. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $72.64.

Crinetics Pharmaceuticals Price Performance

The business’s fifty day simple moving average is $46.99 and its two-hundred day simple moving average is $51.62. The company has a market cap of $3.25 billion, a PE ratio of -9.41 and a beta of 0.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the prior year, the firm earned ($1.01) EPS. As a group, analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the transaction, the chief operating officer now directly owns 51,653 shares in the company, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Dana Pizzuti sold 5,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $39.07, for a total transaction of $195,350.00. Following the transaction, the insider now owns 31,748 shares in the company, valued at $1,240,394.36. The trade was a 13.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of CRNX. AQR Capital Management LLC boosted its holdings in Crinetics Pharmaceuticals by 3.3% in the 2nd quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock valued at $319,000 after purchasing an additional 227 shares during the last quarter. Creative Planning increased its stake in Crinetics Pharmaceuticals by 20.6% during the 2nd quarter. Creative Planning now owns 12,997 shares of the company’s stock worth $582,000 after buying an additional 2,224 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at approximately $91,000. Values First Advisors Inc. purchased a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at approximately $84,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Crinetics Pharmaceuticals by 23.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock valued at $147,000 after buying an additional 541 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Company Profile

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.