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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price reached a new 52-week low during trading on Monday . The company traded as low as $24.71 and last traded at $25.25, with a volume of 51860 shares. The stock had previously closed at $26.89.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. TD Cowen started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating for the company. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Wednesday, January 22nd. JMP Securities restated a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. HC Wainwright restated a “buy” rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Finally, Wolfe Research assumed coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They issued a “peer perform” rating on the stock. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Crinetics Pharmaceuticals Stock Performance

The firm has a market capitalization of $2.36 billion, a PE ratio of -6.86 and a beta of 0.37. The business’s 50 day moving average is $35.19 and its two-hundred day moving average is $46.71.

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

Insider Activity

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the completion of the sale, the chief executive officer now owns 329,147 shares of the company’s stock, valued at $11,256,827.40. The trade was a 5.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Dana Pizzuti sold 2,515 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $86,013.00. Following the transaction, the insider now owns 72,233 shares in the company, 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 32,015 shares of company stock worth $1,119,263 in the last three months. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Crinetics Pharmaceuticals by 44.6% during the fourth quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock worth $464,741,000 after acquiring an additional 2,801,736 shares in the last quarter. FMR LLC raised its position in Crinetics Pharmaceuticals by 100.4% in the 4th quarter. FMR LLC now owns 8,928,086 shares of the company’s stock worth $456,493,000 after purchasing an additional 4,472,316 shares during the period. Wellington Management Group LLP lifted its stake in Crinetics Pharmaceuticals by 55.9% in the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock worth $355,382,000 after purchasing an additional 2,490,876 shares during the last quarter. Driehaus Capital Management LLC boosted its position in Crinetics Pharmaceuticals by 4.3% during the fourth quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company’s stock valued at $313,990,000 after buying an additional 255,766 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Crinetics Pharmaceuticals by 9.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company’s stock valued at $276,844,000 after buying an additional 469,748 shares during the last quarter. Institutional investors 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.