Crinetics Pharmaceuticals Target of Unusually Large Options Trading (NASDAQ:CRNX)

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) saw unusually large options trading activity on Tuesday. Stock traders bought 4,426 put options on the company. This represents an increase of approximately 4,036% compared to the average volume of 107 put options.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. UBS Group began coverage on Crinetics Pharmaceuticals in a research report on Thursday, July 2nd. They issued a “buy” rating and a $55.00 price objective on the stock. Cantor Fitzgerald reissued a “neutral” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday. Wall Street Zen raised Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. HC Wainwright restated a “neutral” rating and issued a $85.00 price target (up from $81.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday. Finally, Robert W. Baird increased their price objective on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus target price of $76.78.

Crinetics Pharmaceuticals Trading Up 98.8%

Shares of NASDAQ:CRNX traded up $41.52 during mid-day trading on Tuesday, reaching $83.55. The stock had a trading volume of 61,649,825 shares, compared to its average volume of 1,738,116. The business’s 50 day moving average price is $36.77 and its 200 day moving average price is $41.51. Crinetics Pharmaceuticals has a 1 year low of $25.83 and a 1 year high of $83.59. The company has a market cap of $8.81 billion, a P/E ratio of -16.29 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). The firm had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The business’s revenue was up 2873.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.04) EPS. Analysts predict that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current fiscal year.

Trending Headlines about Crinetics Pharmaceuticals

Here are the key news stories impacting Crinetics Pharmaceuticals this week:

• Positive Sentiment: Vertex agreed to acquire Crinetics Pharmaceuticals for $85.00 per share in cash, valuing the company at roughly $10 billion and likely setting a near-term floor near the deal price. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: Analyst coverage turned more constructive, with Robert W. Baird raising its price target to $85 and reiterating an outperform rating, reinforcing the takeover valuation. Benzinga coverage of Robert W. Baird update
• Neutral Sentiment: Cantor Fitzgerald and HC Wainwright both reiterated neutral views, indicating the stock is now largely trading on deal terms rather than on standalone fundamentals. Benzinga analyst updates
• Neutral Sentiment: Law firms Brodsky & Smith, Ademi LLP, and Halper Sadeh announced investigations into whether Crinetics’ board secured a fair price for shareholders, which could create headline risk but does not change the announced deal. Brodsky & Smith investigation

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Jeff E. Knight sold 85,163 shares of the firm’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the sale, the insider directly owned 105,289 shares in the company, valued at $4,222,088.90. This trade represents a 44.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the transaction, the director owned 6,400 shares in the company, valued at approximately $228,288. This trade represents a 51.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Smartleaf Asset Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after buying an additional 331 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at about $30,000. Parallel Advisors LLC raised its position in shares of Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after buying an additional 315 shares in the last quarter. Arax Advisory Partners lifted its holdings in shares of Crinetics Pharmaceuticals by 131.2% in the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock valued at $70,000 after acquiring an additional 850 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $45,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.