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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $84.00 and last traded at $83.9140, with a volume of 1162184 shares traded. The stock had previously closed at $83.87.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Evercore cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. UBS Group assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 2nd. They issued a “buy” rating and a $55.00 price target on the stock. Lifesci Capital downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Piper Sandler downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Citizens Jmp lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Six equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $78.27.

Crinetics Pharmaceuticals Stock Down 0.2%

The stock has a market capitalization of $8.83 billion, a price-to-earnings ratio of -16.32 and a beta of 0.23. The firm has a 50-day moving average of $47.53 and a two-hundred day moving average of $44.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) 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 business had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. During the same quarter in the previous year, the business posted ($1.04) earnings per share. The company’s revenue was up 2873.4% compared to the same quarter last year. As a group, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current year.

Insider Buying and Selling

In related news, Director Stephanie Okey sold 6,900 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the sale, the director directly owned 6,400 shares in the company, valued at approximately $228,288. This trade represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the director owned 19,225 shares in the company, valued at approximately $769,000. This represents a 13.50% 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 owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in Crinetics Pharmaceuticals by 44.3% during the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after purchasing an additional 2,574,683 shares during the last quarter. Farallon Capital Management LLC increased its position in Crinetics Pharmaceuticals by 20.2% in the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after purchasing an additional 1,163,000 shares during the last quarter. Janus Henderson Group PLC increased its position in Crinetics Pharmaceuticals by 1.8% in the 1st quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock worth $164,227,000 after purchasing an additional 79,560 shares during the last quarter. Paradigm Biocapital Advisors LP raised its stake in shares of Crinetics Pharmaceuticals by 8.8% during the 3rd quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock worth $106,240,000 after purchasing an additional 207,221 shares in the last quarter. Finally, Siren L.L.C. raised its stake in shares of Crinetics Pharmaceuticals by 26.3% during the 1st quarter. Siren L.L.C. now owns 1,903,636 shares of the company’s stock worth $69,140,000 after purchasing an additional 396,000 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

About Crinetics Pharmaceuticals

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.