Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 52-Week Low – What’s Next?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $31.65 and last traded at $33.93, with a volume of 1477206 shares trading hands. The stock had previously closed at $34.73.

Analyst Upgrades and Downgrades

CRNX has been the subject of several research reports. JMP Securities reissued a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Stifel Nicolaus began coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a “buy” rating and a $60.00 price objective for the company. TD Cowen started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating on the stock. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Wednesday, January 22nd. Finally, Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating on the stock. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Crinetics Pharmaceuticals Stock Up 2.5 %

The company has a market cap of $2.92 billion, a price-to-earnings ratio of -8.42 and a beta of 0.58. The firm has a 50-day simple moving average of $35.78 and a 200 day simple moving average of $47.22.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.92) by $0.04. As a group, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 7,162 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $244,940.40. Following the sale, the chief operating officer now directly owns 87,491 shares in the company, valued at approximately $2,992,192.20. The trade was a 7.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dana Pizzuti sold 2,515 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $86,013.00. Following the completion of the sale, the insider now owns 72,233 shares of the company’s stock, valued at $2,470,368.60. This trade represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,015 shares of company stock valued at $1,119,263 in the last ninety days. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of CRNX. Venturi Wealth Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth $41,000. State of Wyoming acquired a new position in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $50,000. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals in the fourth quarter valued at about $52,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $66,000. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at $100,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.