Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 52-Week High Following Analyst Upgrade

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price reached a new 52-week high on Tuesday after Robert W. Baird raised their price target on the stock from $62.00 to $85.00. Robert W. Baird currently has an outperform rating on the stock. Crinetics Pharmaceuticals traded as high as $83.58 and last traded at $83.5850, with a volume of 25891479 shares changing hands. The stock had previously closed at $42.03.

Other analysts have also recently issued research reports about the stock. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. UBS Group assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Thursday, July 2nd. They set a “buy” rating and a $55.00 price target on the stock. HC Wainwright reissued a “neutral” rating and set a $85.00 price target (up from $81.00) on shares of Crinetics Pharmaceuticals in a report on Tuesday. Citizens Jmp restated a “market outperform” rating and issued a $95.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Thursday, June 11th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.78.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction 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 sale, the director owned 6,400 shares of the company’s stock, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeff E. Knight sold 85,163 shares of the company’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total value of $3,415,036.30. Following the completion of the sale, the insider directly owned 105,289 shares in the company, valued at $4,222,088.90. This trade represents a 44.72% 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. Company insiders own 3.80% of the company’s stock.

Crinetics Pharmaceuticals News Summary

Here are the key news stories impacting Crinetics Pharmaceuticals this week:

• Positive Sentiment: Vertex Pharmaceuticals agreed to acquire Crinetics Pharmaceuticals for $85.00 per share in cash, sending shares sharply higher as investors price in the deal premium. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: HC Wainwright raised its price target on Crinetics to $85 from $81, reinforcing the transaction value and offering additional support for the stock. HC Wainwright price target update
• Neutral Sentiment: Analysts at Cantor Fitzgerald reiterated a neutral rating on Crinetics, signaling a wait-and-see stance after the takeover announcement. Cantor Fitzgerald rating reaffirmation
• Neutral Sentiment: Investor-rights firms have launched fair-price investigations into the transaction, which could create headline noise but does not change the announced deal terms for now. Halper Sadeh investigation

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRNX. Wellington Management Group LLP lifted its holdings in shares of Crinetics Pharmaceuticals by 44.3% in the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after purchasing an additional 2,574,683 shares in the last quarter. Baker BROS. Advisors LP raised its position in shares of Crinetics Pharmaceuticals by 488.9% during the 4th quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock worth $76,755,000 after purchasing an additional 1,368,869 shares during the last quarter. Farallon Capital Management LLC lifted its stake in Crinetics Pharmaceuticals by 20.2% in the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock valued at $322,736,000 after buying an additional 1,163,000 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Crinetics Pharmaceuticals by 279.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after buying an additional 926,765 shares in the last quarter. Finally, ADAR1 Capital Management LLC grew its holdings in Crinetics Pharmaceuticals by 268.3% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company’s stock valued at $41,381,000 after buying an additional 829,963 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

The business has a fifty day simple moving average of $36.77 and a 200 day simple moving average of $41.51. The stock has a market cap of $8.81 billion, a price-to-earnings ratio of -16.28 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data 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 firm had revenue of $10.73 million for the quarter, compared to analysts’ expectations of $8.51 million. During the same period in the previous year, the company posted ($1.04) EPS. The business’s quarterly revenue was up 2873.4% on a year-over-year basis. On average, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current fiscal year.

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.