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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) reached a new 52-week high during trading on Monday . The stock traded as high as $84.72 and last traded at $84.70, with a volume of 222701 shares trading hands. The stock had previously closed at $84.70.

Analyst Ratings Changes

CRNX has been the topic of a number of research reports. Piper Sandler downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Cantor Fitzgerald cut shares of Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a report on Tuesday, July 7th. TD Cowen downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, July 8th. Robert W. Baird lifted their price target on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Finally, Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Trading Up 0.0%

The company has a market cap of $8.99 billion, a P/E ratio of -16.81 and a beta of 0.12. The business’s 50 day simple moving average is $63.99 and its 200 day simple moving average is $48.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, beating the consensus estimate of ($1.18) by $0.04. The business had revenue of $25.12 million for the quarter, compared to the consensus estimate of $14.84 million. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The company’s revenue for the quarter was up 2336.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.23) earnings per share. Sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the firm’s 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 of the company’s stock, valued at $228,288. This trade represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 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 approximately $769,000. This trade 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 currently owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its stake in Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares during the period. Headlands Technologies LLC purchased a new stake in Crinetics Pharmaceuticals in the 2nd quarter worth $30,000. Raymond James Financial Inc. bought a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at about $45,000. Parallel Advisors LLC boosted its holdings 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 valued at $57,000 after purchasing an additional 315 shares during the last quarter. Finally, Arax Advisory Partners grew its holdings in Crinetics Pharmaceuticals by 131.2% during the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock valued at $70,000 after buying an additional 850 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

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.