Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Free Report) rose 2.9% on Tuesday . The stock traded as high as $29.53 and last traded at $29.47. Approximately 321,395 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 735,101 shares. The stock had previously closed at $28.63.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the stock. HC Wainwright restated a “buy” rating and set a $33.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, September 11th. Evercore ISI upped their price target on shares of Crinetics Pharmaceuticals from $41.00 to $48.00 and gave the company an “outperform” rating in a research note on Monday, September 11th. Robert W. Baird lifted their price objective on shares of Crinetics Pharmaceuticals from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Monday, September 11th. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, August 22nd. Finally, JMP Securities reduced their target price on Crinetics Pharmaceuticals from $43.00 to $42.00 and set a “market outperform” rating for the company in a research note on Wednesday, August 9th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $45.00.
Crinetics Pharmaceuticals Stock Performance
Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last issued its quarterly earnings results on Tuesday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.09). Crinetics Pharmaceuticals had a negative return on equity of 61.19% and a negative net margin of 3,804.10%. The firm had revenue of $0.99 million during the quarter, compared to analyst estimates of $5.00 million. As a group, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.68 EPS for the current fiscal year.
Insider Buying and Selling at Crinetics Pharmaceuticals
In other news, CEO Richard Scott Struthers sold 24,384 shares of the business’s stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $20.14, for a total transaction of $491,093.76. Following the transaction, the chief executive officer now directly owns 656,421 shares in the company, valued at approximately $13,220,318.94. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 7.00% of the stock is owned by insiders.
Hedge Funds Weigh In On Crinetics Pharmaceuticals
Several hedge funds have recently bought and sold shares of the company. First Republic Investment Management Inc. raised its position in Crinetics Pharmaceuticals by 2.8% in the 1st quarter. First Republic Investment Management Inc. now owns 19,761 shares of the company’s stock valued at $317,000 after purchasing an additional 545 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Crinetics Pharmaceuticals by 8.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,868 shares of the company’s stock worth $126,000 after acquiring an additional 627 shares in the last quarter. Federated Hermes Inc. boosted its stake in Crinetics Pharmaceuticals by 2.6% in the first quarter. Federated Hermes Inc. now owns 25,482 shares of the company’s stock valued at $559,000 after acquiring an additional 646 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Crinetics Pharmaceuticals by 4.5% during the fourth quarter. Legal & General Group Plc now owns 15,946 shares of the company’s stock worth $292,000 after purchasing an additional 685 shares during the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of Crinetics Pharmaceuticals by 2.9% during the fourth quarter. MetLife Investment Management LLC now owns 28,047 shares of the company’s stock worth $513,000 after purchasing an additional 792 shares in the last quarter. 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 therapeutics for endocrine diseases and endocrine-related tumors. The company's 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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