Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 12-Month High – What’s Next?

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) hit a new 52-week high during trading on Tuesday . The stock traded as high as $83.77 and last traded at $83.7330, with a volume of 1691147 shares trading hands. The stock had previously closed at $83.67.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Oppenheimer reiterated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. Robert W. Baird lifted their price objective on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. TD Cowen downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 8th. Piper Sandler lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. Six investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $78.27.

Crinetics Pharmaceuticals Price Performance

The firm has a market capitalization of $8.85 billion, a price-to-earnings ratio of -16.35 and a beta of 0.23. The business has a 50 day moving average of $42.98 and a 200 day moving average of $43.27.

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

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company’s stock in a transaction 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 sale, the director directly owned 19,225 shares in the company, valued at $769,000. This represents a 13.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 value of $246,123.00. Following the transaction, the director directly owned 6,400 shares of the company’s stock, valued at approximately $228,288. The trade was a 51.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in CRNX. Smartleaf Asset Management LLC grew its stake in Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after buying an additional 331 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter worth approximately $30,000. Parallel Advisors LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 34.6% in the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after acquiring an additional 315 shares in the last quarter. Arax Advisory Partners grew its position in Crinetics Pharmaceuticals by 131.2% during the 4th 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 last quarter. Finally, Raymond James Financial Inc. bought a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $45,000. 98.51% of the stock is owned by institutional investors.

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.