Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price Up 8.1% – Here’s What Happened

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) was up 8.1% during mid-day trading on Thursday . The stock traded as high as $41.98 and last traded at $41.8150. 209,193 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 1,237,097 shares. The stock had previously closed at $38.68.

Analysts Set New Price Targets

A number of analysts have commented on CRNX shares. 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. Citizens Jmp reaffirmed a “market outperform” rating and issued a $95.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Thursday, June 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. UBS Group assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday. They set a “buy” rating and a $55.00 target price for the company. Finally, HC Wainwright restated a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.78.

Crinetics Pharmaceuticals Trading Up 7.3%

The firm has a market capitalization of $4.38 billion, a PE ratio of -8.11 and a beta of 0.23. The business has a 50-day moving average of $36.57 and a 200 day moving average of $41.66.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data 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). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.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 prior year, the firm earned ($1.04) earnings per share. Crinetics Pharmaceuticals’s revenue was up 2873.4% compared to the same quarter last year. On average, sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the transaction, the director directly owned 6,400 shares in the company, valued at approximately $228,288. The trade was a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 dated Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the completion of the sale, the insider directly owned 105,289 shares of the company’s stock, valued at $4,222,088.90. The trade was a 44.72% 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. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of CRNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Crinetics Pharmaceuticals by 11.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after acquiring an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Crinetics Pharmaceuticals by 6.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock worth $11,658,000 after purchasing an additional 22,305 shares during the last quarter. Strs Ohio purchased a new position in Crinetics Pharmaceuticals in the first quarter worth $124,000. Invesco Ltd. grew its stake in Crinetics Pharmaceuticals by 11.7% in the 2nd quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock valued at $2,247,000 after purchasing an additional 8,181 shares during the period. Finally, Sei Investments Co. grew its stake in Crinetics Pharmaceuticals by 20.6% in the 2nd quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock valued at $1,731,000 after purchasing an additional 10,269 shares during the period. 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.