Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 1-Year High – What’s Next?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares reached a new 52-week high on Wednesday . The company traded as high as $60.47 and last traded at $59.59, with a volume of 3591 shares changing hands. The stock had previously closed at $57.81.

Wall Street Analysts Forecast Growth

CRNX has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price objective on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. HC Wainwright raised their price target on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Oppenheimer reaffirmed an “outperform” rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Finally, JMP Securities restated a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $68.55.

Crinetics Pharmaceuticals Trading Up 4.5 %

The firm has a market cap of $4.84 billion, a PE ratio of -15.89 and a beta of 0.62. The firm has a fifty day simple moving average of $53.92 and a two-hundred day simple moving average of $50.45.

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

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $53.19, for a total transaction of $159,570.00. Following the sale, the insider now owns 69,611 shares of the company’s stock, valued at approximately $3,702,609.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $53.19, for a total transaction of $159,570.00. Following the sale, the insider now owns 69,611 shares in the company, valued at approximately $3,702,609.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen F. Betz sold 1,035 shares of the firm’s stock in a transaction on 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 approximately $3,531,664. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,410 shares of company stock valued at $2,275,929. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comerica Bank bought a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at about $33,000. Quest Partners LLC purchased a new position in Crinetics Pharmaceuticals during the second quarter valued at approximately $42,000. Values First Advisors Inc. acquired a new stake in shares of Crinetics Pharmaceuticals in the third quarter worth $84,000. Allspring Global Investments Holdings LLC acquired a new position in Crinetics Pharmaceuticals during the 3rd quarter valued at $91,000. Finally, KBC Group NV increased its holdings in Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after buying an additional 407 shares during the period. Hedge funds and other institutional investors own 98.51% of the company’s stock.

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.