Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 1-Year High – Here’s What Happened

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares hit a new 52-week high on Tuesday . The company traded as high as $60.00 and last traded at $59.86, with a volume of 368060 shares changing hands. The stock had previously closed at $58.70.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CRNX shares. Oppenheimer reiterated an “outperform” rating and issued a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. Piper Sandler restated an “overweight” rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. HC Wainwright raised their price target on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. JMP Securities restated a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $68.55.

Crinetics Pharmaceuticals Trading Up 0.5 %

The business’s fifty day simple moving average is $52.91 and its 200 day simple moving average is $49.50. The stock has a market cap of $4.65 billion, a P/E ratio of -15.53 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The firm had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. During the same quarter last year, the company posted ($0.94) earnings per share. The firm’s quarterly revenue was down 59.6% on a year-over-year basis. On average, analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the sale, the insider now owns 28,507 shares in the company, valued at $1,557,337.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the completion of the transaction, the insider now owns 28,507 shares in the company, valued at approximately $1,557,337.41. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Marc Wilson sold 19,056 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $53.88, for a total value of $1,026,737.28. Following the completion of the sale, the chief financial officer now owns 111,092 shares in the company, valued at $5,985,636.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,466 shares of company stock worth $3,462,956. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently made changes to their positions in CRNX. Comerica Bank bought a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter worth approximately $33,000. Quest Partners LLC bought a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth $42,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at $91,000. Amalgamated Bank boosted its position in Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after buying an additional 464 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Crinetics Pharmaceuticals in the 1st quarter valued at about $200,000. 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.