Crinetics Pharmaceuticals (NASDAQ:CRNX) Sees Strong Trading Volume – Here’s Why

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNXGet Free Report) shares saw unusually-strong trading volume on Wednesday . Approximately 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.

Analyst Ratings Changes

A number of analysts have recently weighed in on CRNX shares. Oppenheimer reissued an “outperform” rating and set a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. HC Wainwright raised their price objective on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, August 9th. JMP Securities restated a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Finally, Piper Sandler reissued an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $68.55.

Check Out Our Latest Stock Report on CRNX

Crinetics Pharmaceuticals Trading Up 2.1 %

The firm’s 50-day moving average price is $51.83 and its 200 day moving average price is $48.90.

Crinetics Pharmaceuticals (NASDAQ:CRNXGet Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The business had revenue of $0.40 million for the quarter, compared to analysts’ expectations of $0.47 million. The company’s revenue was down 59.6% compared to the same quarter last year. During the same period last year, the business posted ($0.94) EPS. On average, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Marc Wilson sold 25,000 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $55.00, for a total transaction of $1,375,000.00. Following the transaction, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at approximately $6,110,060. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Marc Wilson sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $55.00, for a total transaction of $1,375,000.00. Following the sale, the chief financial officer now owns 111,092 shares of the company’s stock, valued at $6,110,060. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the transaction, the insider now directly owns 28,507 shares of the company’s stock, valued at $1,557,337.41. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 117,466 shares of company stock valued at $6,322,956 in the last three months. 6.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in CRNX. Comerica Bank bought a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter worth $33,000. Quest Partners LLC acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at $42,000. Quarry LP purchased a new position in Crinetics Pharmaceuticals in the 4th quarter worth about $36,000. Amalgamated Bank increased its stake in 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 purchasing an additional 464 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Crinetics Pharmaceuticals during the 1st quarter worth about $200,000. 98.51% of the stock is currently owned by institutional investors.

About Crinetics Pharmaceuticals

(Get Free Report)

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.

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