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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $56.24 and last traded at $50.9570, with a volume of 141653 shares traded. The stock had previously closed at $46.73.

Analyst Ratings Changes

Several research firms have issued reports on CRNX. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, October 8th. Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, September 26th. Leerink Partners increased their price objective on Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Monday, September 29th. Finally, Citizens Jmp decreased their target price on shares of Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating on the stock in a research note on Friday, November 7th. Eleven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.82.

Crinetics Pharmaceuticals Price Performance

The stock has a market capitalization of $4.36 billion, a PE ratio of -10.14 and a beta of 0.20. The company has a 50 day moving average price of $45.55 and a 200-day moving average price of $38.15.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The company had revenue of $0.14 million for the quarter, compared to analyst estimates of $0.39 million. During the same quarter in the prior year, the business posted ($0.96) EPS. As a group, equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $42.66, for a total value of $213,300.00. Following the completion of the transaction, the insider directly owned 66,270 shares of the company’s stock, valued at $2,827,078.20. This represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC bought a new stake in shares of Crinetics Pharmaceuticals during the second quarter valued at approximately $30,000. Farther Finance Advisors LLC grew its position in shares of Crinetics Pharmaceuticals by 523.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after buying an additional 707 shares during the period. Raymond James Financial Inc. bought a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter worth about $45,000. Penserra Capital Management LLC bought a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter worth about $48,000. Finally, Covestor Ltd lifted its position in Crinetics Pharmaceuticals by 23,983.3% during the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company’s stock valued at $60,000 after acquiring an additional 1,439 shares during the period. 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.