Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 12-Month High – Here’s What Happened

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $84.72 and last traded at $84.70, with a volume of 222701 shares trading hands. The stock had previously closed at $84.70.

Analysts Set New Price Targets

Several analysts have issued reports on CRNX shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Friday, July 17th. Cantor Fitzgerald downgraded Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a research report on Tuesday, July 7th. Jefferies Financial Group downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and lifted their target price for the stock from $55.00 to $85.00 in a research report on Tuesday, July 7th. Citizens Jmp lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, Evercore cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $81.00.

Crinetics Pharmaceuticals Price Performance

The stock has a market cap of $8.99 billion, a PE ratio of -16.81 and a beta of 0.12. The business has a fifty day moving average of $63.99 and a 200-day moving average of $48.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.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 previous year, the company posted ($1.23) EPS. Crinetics Pharmaceuticals’s revenue was up 2336.9% on a year-over-year basis. As a group, equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the sale, the director directly owned 19,225 shares in the company, valued at $769,000. The trade was a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction dated 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 sale, the director directly owned 6,400 shares of the company’s stock, valued at approximately $228,288. This trade 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

Several hedge funds have recently modified their holdings of CRNX. Bank of America Corp DE bought a new position in shares of Crinetics Pharmaceuticals during the second quarter valued at approximately $49,884,000. Odyssean LLC purchased a new stake in Crinetics Pharmaceuticals during the second quarter worth $3,160,000. Man Group plc purchased a new stake in Crinetics Pharmaceuticals during the second quarter worth $2,284,000. Jupiter Topco LLC bought a new stake in Crinetics Pharmaceuticals during the 2nd quarter valued at $170,509,000. Finally, AWM Investment Company Inc. purchased a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at $3,181,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

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.