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Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Gap Down to $19.57

Financial News Live · Sep 22, 2022 14:41

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Rating) shares gapped down prior to trading on Thursday . The stock had previously closed at $19.57, but opened at $18.89. Crinetics Pharmaceuticals shares last traded at $18.89, with a volume of 302 shares traded.

Analyst Upgrades and Downgrades

Separately, SVB Leerink upped their target price on shares of Crinetics Pharmaceuticals from $36.00 to $39.00 and gave the stock an "outperform" rating in a report on Thursday, May 26th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $39.67.

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Crinetics Pharmaceuticals Price Performance

The stock has a market capitalization of $1.02 billion, a PE ratio of -6.63 and a beta of 1.20. The stock's 50 day simple moving average is $20.57 and its two-hundred day simple moving average is $20.13.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 4,168 shares of the business's stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $21.01, for a total value of $87,569.68. Following the sale, the insider now owns 100,598 shares of the company's stock, valued at $2,113,563.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Matthew K. Fust sold 5,700 shares of the business's stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $20.96, for a total value of $119,472.00. Following the sale, the director now owns 12,536 shares of the company's stock, valued at $262,754.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Stephen F. Betz sold 4,168 shares of the business's stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $21.01, for a total transaction of $87,569.68. Following the transaction, the insider now directly owns 100,598 shares of the company's stock, valued at approximately $2,113,563.98. The disclosure for this sale can be found here. Insiders have sold a total of 12,062 shares of company stock worth $252,770 over the last three months. 5.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. grew its stake in Crinetics Pharmaceuticals by 2.6% during 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. DekaBank Deutsche Girozentrale grew its stake in Crinetics Pharmaceuticals by 9.7% during the first quarter. DekaBank Deutsche Girozentrale now owns 11,300 shares of the company's stock valued at $215,000 after acquiring an additional 1,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Crinetics Pharmaceuticals by 17.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,493 shares of the company's stock valued at $164,000 after acquiring an additional 1,110 shares in the last quarter. American International Group Inc. grew its stake in Crinetics Pharmaceuticals by 7.6% in the 2nd quarter. American International Group Inc. now owns 24,630 shares of the company's stock worth $459,000 after buying an additional 1,749 shares in the last quarter. Finally, Group One Trading L.P. increased its holdings in shares of Crinetics Pharmaceuticals by 31.6% in the 1st quarter. Group One Trading L.P. now owns 7,318 shares of the company's stock worth $161,000 after buying an additional 1,759 shares during the last quarter. Hedge funds and other institutional investors own 94.42% of the company's stock.

About Crinetics Pharmaceuticals

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Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its 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).