Crinetics Pharmaceuticals (NASDAQ:CRNX) Sets New 52-Week High – Here’s Why

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price reached a new 52-week high on Monday . The stock traded as high as $84.95 and last traded at $84.9660, with a volume of 6704 shares traded. The stock had previously closed at $84.84.

Analysts Set New Price Targets

CRNX has been the subject of a number of research analyst reports. Lifesci Capital cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Oppenheimer reissued a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 7th. UBS Group reissued a “neutral” rating and issued a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Friday, July 17th. Finally, Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Trading Up 0.2%

The firm has a 50-day simple moving average of $73.98 and a two-hundred day simple moving average of $50.76. The company has a market capitalization of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The firm had revenue of $25.12 million for the quarter, compared to the consensus estimate of $14.84 million. During the same quarter in the prior year, the business earned ($1.23) earnings per share. The company’s revenue was up 2336.9% compared to the same quarter last year. Equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the transaction, the director directly owned 19,225 shares of the company’s stock, valued at approximately $769,000. The trade was a 13.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the sale, the director owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its position in Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after buying an additional 331 shares during the period. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals in the second quarter valued at $30,000. Parallel Advisors LLC raised its position in shares of Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after acquiring an additional 315 shares during the period. Arax Advisory Partners raised its position in shares of Crinetics Pharmaceuticals by 131.2% in the fourth quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after acquiring an additional 850 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter worth about $45,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Company Profile

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.