Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 52-Week High at $55.78

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) hit a new 52-week high on Tuesday . The stock traded as high as $55.78 and last traded at $54.96, with a volume of 247422 shares trading hands. The stock had previously closed at $53.58.

Analysts Set New Price Targets

CRNX has been the topic of several analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. JMP Securities reiterated a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. Morgan Stanley lifted their target price on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Robert W. Baird lifted their target price on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $60.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, June 28th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Crinetics Pharmaceuticals Stock Up 2.3 %

The firm has a fifty day moving average of $47.63 and a 200-day moving average of $43.67. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of -14.65 and a beta of 0.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.09). The company had revenue of $0.64 million during the quarter, compared to analysts’ expectations of $0.20 million. The business’s revenue was down 76.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.85) earnings per share. As a group, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.54 EPS for the current fiscal year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 107,448 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $49.40, for a total transaction of $5,307,931.20. Following the completion of the sale, the chief executive officer now owns 257,485 shares of the company’s stock, valued at $12,719,759. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $49.43, for a total value of $148,290.00. Following the completion of the sale, the insider now owns 89,643 shares of the company’s stock, valued at $4,431,053.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Richard Scott Struthers sold 107,448 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $49.40, for a total value of $5,307,931.20. Following the completion of the sale, the chief executive officer now directly owns 257,485 shares of the company’s stock, valued at approximately $12,719,759. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 258,408 shares of company stock valued at $12,590,035. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of CRNX. Vanguard Group Inc. boosted its position in shares of Crinetics Pharmaceuticals by 24.7% in the third quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company’s stock worth $101,325,000 after buying an additional 674,301 shares during the period. Legato Capital Management LLC acquired a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth about $412,000. HighMark Wealth Management LLC acquired a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth about $151,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Crinetics Pharmaceuticals by 450.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 7,721 shares of the company’s stock worth $275,000 after acquiring an additional 6,318 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Crinetics Pharmaceuticals by 6.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,218 shares of the company’s stock worth $1,395,000 after acquiring an additional 2,343 shares in the last quarter. 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.