Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Gap Up to $16.44

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $16.44, but opened at $18.00. Crinetics Pharmaceuticals shares last traded at $18.16, with a volume of 1,520 shares trading hands.

Several equities analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, April 2nd. SVB Leerink reissued a “buy” rating and issued a $33.00 price target on shares of Crinetics Pharmaceuticals in a report on Thursday, April 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. Crinetics Pharmaceuticals presently has an average rating of “Hold” and a consensus price target of $30.75.

The firm’s 50 day simple moving average is $15.92 and its 200-day simple moving average is $14.73. The company has a market cap of $594.85 million, a price-to-earnings ratio of -7.57 and a beta of 1.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Monday, March 29th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.08). Equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -2.35 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. Marshall Wace North America L.P. acquired a new position in shares of Crinetics Pharmaceuticals during the 1st quarter valued at about $43,000. DekaBank Deutsche Girozentrale acquired a new position in Crinetics Pharmaceuticals in the fourth quarter valued at about $129,000. JPMorgan Chase & Co. lifted its position in Crinetics Pharmaceuticals by 10.4% in the third quarter. JPMorgan Chase & Co. now owns 10,087 shares of the company’s stock valued at $152,000 after buying an additional 952 shares during the last quarter. Citigroup Inc. lifted its position in Crinetics Pharmaceuticals by 104.9% in the fourth quarter. Citigroup Inc. now owns 10,261 shares of the company’s stock valued at $145,000 after buying an additional 5,254 shares during the last quarter. Finally, Aperio Group LLC acquired a new position in Crinetics Pharmaceuticals in the third quarter valued at about $171,000. 92.15% of the stock is currently owned by hedge funds and other institutional investors.

About Crinetics Pharmaceuticals (NASDAQ:CRNX)

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 biased agonist, which is in Phase I clinical trials used for the treatment of acromegaly and neuroendocrine tumors.

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