Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 52-Week High – Here’s Why

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $84.00 and last traded at $83.9130, with a volume of 2457159 shares changing hands. The stock had previously closed at $83.73.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Friday, July 17th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Oppenheimer reissued a “market perform” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. Evercore downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, Robert W. Baird boosted their price target on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Six analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $78.27.

Crinetics Pharmaceuticals Stock Performance

The company’s fifty day moving average price is $49.37 and its 200 day moving average price is $45.07. The firm has a market capitalization of $8.84 billion, a price-to-earnings ratio of -16.34 and a beta of 0.23.

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

Insider Buying and Selling

In related news, Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the transaction, the director owned 6,400 shares in the company, valued at $228,288. The trade was a 51.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction, the director owned 19,225 shares of the company’s stock, valued at approximately $769,000. The trade was a 13.50% 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. Insiders own 3.80% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds have recently bought and sold shares of CRNX. Aberdeen Group plc grew its position in Crinetics Pharmaceuticals by 98.4% in the 4th quarter. Aberdeen Group plc now owns 674,533 shares of the company’s stock worth $31,400,000 after purchasing an additional 334,584 shares during the last quarter. Sector Gamma AS bought a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $5,353,000. GW&K Investment Management LLC grew its holdings in Crinetics Pharmaceuticals by 73.6% in the 4th quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company’s stock worth $68,723,000 after buying an additional 625,779 shares in the last quarter. UBS Group AG increased its position in Crinetics Pharmaceuticals by 122.7% in the 4th quarter. UBS Group AG now owns 908,192 shares of the company’s stock valued at $42,276,000 after acquiring an additional 500,470 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Crinetics Pharmaceuticals by 5.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 408,312 shares of the company’s stock valued at $19,007,000 after acquiring an additional 20,387 shares in the last quarter. 98.51% of the stock is currently 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.