Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 52-Week High – Should You Buy?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $60.47 and last traded at $59.59, with a volume of 3591 shares changing hands. The stock had previously closed at $57.81.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CRNX shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. JMP Securities restated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. HC Wainwright lifted their price objective on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Oppenheimer reissued an “outperform” rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $68.55.

Crinetics Pharmaceuticals Stock Up 1.1 %

The company has a market cap of $4.79 billion, a P/E ratio of -15.82 and a beta of 0.62. The firm has a fifty day moving average price of $54.16 and a 200 day moving average price of $50.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The company had revenue of $0.40 million for the quarter, compared to analysts’ expectations of $0.47 million. Crinetics Pharmaceuticals’s revenue was down 59.6% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.94) EPS. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $53.19, for a total value of $159,570.00. Following the transaction, the insider now owns 69,611 shares of the company’s stock, valued at approximately $3,702,609.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Stephen F. Betz sold 1,035 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the sale, the insider now directly owns 68,576 shares in the company, valued at $3,531,664. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $53.19, for a total value of $159,570.00. Following the completion of the sale, the insider now directly owns 69,611 shares in the company, valued at $3,702,609.09. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,410 shares of company stock worth $2,275,929. Insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRNX. Swiss National Bank grew its position in shares of Crinetics Pharmaceuticals by 0.5% in the 3rd quarter. Swiss National Bank now owns 130,900 shares of the company’s stock valued at $6,689,000 after acquiring an additional 600 shares during the period. Natixis Advisors LLC lifted its stake in Crinetics Pharmaceuticals by 36.6% in the 3rd quarter. Natixis Advisors LLC now owns 44,346 shares of the company’s stock valued at $2,266,000 after purchasing an additional 11,870 shares during the last quarter. KBC Group NV grew its holdings in Crinetics Pharmaceuticals by 22.8% during the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after purchasing an additional 407 shares during the period. Oppenheimer & Co. Inc. grew its holdings in Crinetics Pharmaceuticals by 16.4% during the third quarter. Oppenheimer & Co. Inc. now owns 5,469 shares of the company’s stock worth $279,000 after purchasing an additional 770 shares during the period. Finally, Oppenheimer Asset Management Inc. acquired a new position in Crinetics Pharmaceuticals during the third quarter worth approximately $215,000. 98.51% of the stock is owned by institutional investors.

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.