Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 1-Year High – Here’s Why

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $84.79 and last traded at $84.7950, with a volume of 184792 shares changing hands. The stock had previously closed at $84.69.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CRNX. HC Wainwright downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $81.00 to $85.00 in a research note on Tuesday, July 7th. JonesTrading cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 target price for the company. in a research note on Tuesday, July 7th. Wall Street Zen raised Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. Piper Sandler lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Friday, July 17th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Price Performance

The firm has a market cap of $9.00 billion, a PE ratio of -16.84 and a beta of 0.12. The business has a fifty day moving average price of $71.04 and a two-hundred day moving average price of $49.93.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business had revenue of $25.12 million during the quarter, compared to analyst estimates of $14.84 million. During the same period in the prior year, the firm earned ($1.23) earnings per share. The firm’s revenue was up 2336.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director owned 19,225 shares of the company’s stock, valued at $769,000. This trade represents a 13.50% decrease in their position. The sale was disclosed in a 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 the 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at approximately $494,000. California State Teachers Retirement System raised its position in Crinetics Pharmaceuticals by 3,523.8% during the second quarter. California State Teachers Retirement System now owns 3,825,409 shares of the company’s stock valued at $143,147,000 after acquiring an additional 3,719,846 shares in the last quarter. Nykredit A S bought a new position in Crinetics Pharmaceuticals during the second quarter valued at approximately $93,000. Montanova Capital LLC lifted its stake in Crinetics Pharmaceuticals by 13.6% in the second quarter. Montanova Capital LLC now owns 1,186,279 shares of the company’s stock valued at $44,391,000 after acquiring an additional 142,400 shares during the last quarter. Finally, Braun Stacey Associates Inc. lifted its stake in Crinetics Pharmaceuticals by 7.2% in the second quarter. Braun Stacey Associates Inc. now owns 348,143 shares of the company’s stock valued at $13,028,000 after acquiring an additional 23,335 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Company Profile

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.