Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading 6.1% Higher on Strong Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares were up 6.1% on Friday after the company announced better than expected quarterly earnings. The company traded as high as $35.54 and last traded at $35.22. Approximately 316,920 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 988,274 shares. The stock had previously closed at $33.21.

The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($0.92) by $0.04.

Analyst Ratings Changes

A number of research analysts have weighed in on CRNX shares. TD Cowen assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating on the stock. JMP Securities reiterated a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. HC Wainwright reissued a “buy” rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Wednesday, January 22nd. Finally, Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating for the company. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.64.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the completion of the sale, the insider now owns 31,748 shares in the company, valued at approximately $1,240,394.36. This represents a 13.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 6.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently made changes to their positions in CRNX. Vanguard Group Inc. raised its position 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 valued at $464,741,000 after buying an additional 2,801,736 shares during the last quarter. FMR LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 100.4% during the 4th quarter. FMR LLC now owns 8,928,086 shares of the company’s stock valued at $456,493,000 after purchasing an additional 4,472,316 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Crinetics Pharmaceuticals by 55.9% during the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock valued at $355,382,000 after purchasing an additional 2,490,876 shares in the last quarter. Driehaus Capital Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 4.3% in the fourth quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company’s stock worth $313,990,000 after purchasing an additional 255,766 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Crinetics Pharmaceuticals by 9.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company’s stock worth $276,844,000 after buying an additional 469,748 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Up 7.7 %

The company has a market capitalization of $3.32 billion, a P/E ratio of -9.59 and a beta of 0.56. The business has a 50 day moving average of $41.53 and a 200 day moving average of $50.16.

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.