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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) reached a new 52-week high on Monday . The stock traded as high as $84.32 and last traded at $84.3450, with a volume of 585762 shares changing hands. The stock had previously closed at $84.08.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Piper Sandler downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. HC Wainwright lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and increased their price objective for the stock from $81.00 to $85.00 in a research note on Tuesday, July 7th. TD Cowen cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, July 8th. Cantor Fitzgerald downgraded shares of Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, UBS Group restated a “neutral” rating and issued a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 28th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Price Performance

The company has a market cap of $8.93 billion, a P/E ratio of -16.71 and a beta of 0.12. The business’s 50 day moving average price is $58.91 and its 200-day moving average price is $47.18.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $14.84 million. During the same period in the prior year, the company earned ($1.23) EPS. Crinetics Pharmaceuticals’s revenue for the quarter was up 2336.9% on a year-over-year basis. As a group, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.86 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 transaction, the director directly owned 19,225 shares of the company’s stock, valued at $769,000. The trade was a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a 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 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 sale, the director directly owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Parkman Healthcare Partners LLC increased its stake in Crinetics Pharmaceuticals by 0.4% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock valued at $3,071,000 after buying an additional 313 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after buying an additional 315 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after acquiring an additional 331 shares in the last quarter. Brooklyn Investment Group increased its position in shares of Crinetics Pharmaceuticals by 6.3% in the fourth quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock valued at $280,000 after acquiring an additional 348 shares during the last quarter. Finally, Commerce Bank increased its position in shares of Crinetics Pharmaceuticals by 5.9% in the fourth quarter. Commerce Bank now owns 8,019 shares of the company’s stock valued at $373,000 after acquiring an additional 444 shares during the last quarter. 98.51% of the stock is owned by 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.