Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 52-Week High on Analyst Upgrade

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price reached a new 52-week high during trading on Wednesday after Piper Sandler raised their price target on the stock from $56.00 to $97.00. Piper Sandler currently has an overweight rating on the stock. Crinetics Pharmaceuticals traded as high as $49.99 and last traded at $49.99, with a volume of 5776 shares traded. The stock had previously closed at $47.66.

CRNX has been the topic of several other reports. Morgan Stanley started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, January 16th. They set an “overweight” rating and a $50.00 price objective on the stock. Jonestrading upped their price target on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. HC Wainwright reaffirmed a “buy” rating and issued a $50.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 19th. Citigroup assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Wednesday, March 6th. They set a “buy” rating and a $68.00 price target on the stock. Finally, JMP Securities reissued a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.58.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 6,942 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total transaction of $297,881.22. Following the sale, the chief financial officer now directly owns 110,630 shares in the company, valued at $4,747,133.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $44.47, for a total transaction of $639,256.25. Following the sale, the insider now owns 27,786 shares in the company, valued at approximately $1,235,643.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Marc Wilson sold 6,942 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total value of $297,881.22. Following the completion of the transaction, the chief financial officer now directly owns 110,630 shares of the company’s stock, valued at approximately $4,747,133.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 187,216 shares of company stock worth $8,509,397. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in CRNX. Quarry LP bought a new stake in Crinetics Pharmaceuticals during the 4th quarter worth approximately $36,000. China Universal Asset Management Co. Ltd. grew its stake in shares of Crinetics Pharmaceuticals by 98.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,403 shares of the company’s stock worth $42,000 after purchasing an additional 695 shares during the last quarter. AJOVista LLC acquired a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at $58,000. HighMark Wealth Management LLC bought a new position in Crinetics Pharmaceuticals during the 4th quarter worth $151,000. Finally, Amalgamated Bank lifted its holdings in Crinetics Pharmaceuticals by 10.4% during the 3rd quarter. Amalgamated Bank now owns 6,298 shares of the company’s stock worth $187,000 after buying an additional 592 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Trading Up 2.1 %

The stock has a market cap of $3.83 billion, a P/E ratio of -12.88 and a beta of 0.63. The business has a 50-day simple moving average of $44.13 and a 200 day simple moving average of $37.67.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. During the same quarter last year, the company posted ($0.84) earnings per share. The company’s revenue was down 100.0% on a year-over-year basis. As a group, equities analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.34 earnings per share for the current year.

Crinetics Pharmaceuticals Company Profile

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.