Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 52-Week High – Here’s What Happened

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $58.28 and last traded at $57.62, with a volume of 24743 shares traded. The stock had previously closed at $57.60.

Analyst Ratings Changes

Several brokerages have recently issued reports on CRNX. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JPMorgan Chase & Co. increased their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Oppenheimer restated an “outperform” rating and issued a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. Piper Sandler reissued an “overweight” rating and set a $97.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.55.

Crinetics Pharmaceuticals Stock Performance

The business has a 50 day moving average price of $52.12 and a 200-day moving average price of $49.16. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of -15.24 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The firm had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. The firm’s revenue for the quarter was down 59.6% on a year-over-year basis. During the same period last year, the business posted ($0.94) earnings per share. As a group, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $53.43, for a total value of $160,290.00. Following the completion of the sale, the insider now owns 75,611 shares of the company’s stock, valued at approximately $4,039,895.73. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Stephen F. Betz sold 1,035 shares of Crinetics Pharmaceuticals stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the transaction, the insider now directly owns 68,576 shares in the company, valued at $3,531,664. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $53.43, for a total transaction of $160,290.00. Following the completion of the sale, the insider now owns 75,611 shares in the company, valued at $4,039,895.73. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,466 shares of company stock valued at $3,462,956 in the last 90 days. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of CRNX. Driehaus Capital Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 17.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after buying an additional 885,876 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Crinetics Pharmaceuticals by 27.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after buying an additional 814,360 shares during the last quarter. Vanguard Group Inc. raised its position in Crinetics Pharmaceuticals by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after acquiring an additional 72,624 shares during the period. Jennison Associates LLC boosted its stake in Crinetics Pharmaceuticals by 10.6% in the first quarter. Jennison Associates LLC now owns 2,817,854 shares of the company’s stock valued at $131,904,000 after acquiring an additional 270,171 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Crinetics Pharmaceuticals by 264.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock valued at $92,526,000 after acquiring an additional 1,434,909 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

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.