Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 52-Week High After Better-Than-Expected Earnings

Key Points

• Crinetics Pharmaceuticals shares reached a new 52-week high of $84 after the company reported quarterly EPS of -$1.14, beating estimates of -$1.18, while revenue of $25.12 million surpassed the $14.84 million consensus and rose 2,336.9% year over year.
• Analyst sentiment is mixed, with a consensus “Hold” rating from five Buy, 11 Hold and one Sell ratings; the average price target is $81, while UBS raised its target to $85.
• Institutional investors own 98.51% of the stock, with major holders including Wellington Management and Farallon Capital increasing their positions; two directors recently sold shares under pre-arranged trading plans.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $84.00 and last traded at $83.95, with a volume of 799004 shares changing hands. The stock had previously closed at $83.76.

The company reported ($1.14) EPS for the quarter, topping analysts' consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The firm had revenue of $25.12 million during the quarter, compared to analyst estimates of $14.84 million. During the same period in the previous year, the business posted ($1.23) earnings per share. The business's revenue for the quarter was up 2336.9% on a year-over-year basis.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Lifesci Capital lowered shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. UBS Group reiterated a "neutral" rating and set a $85.00 price objective (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 28th. Citizens Jmp cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research report on Friday, July 17th. Finally, Piper Sandler cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of "Hold" and an average price target of $81.00.

Insider Buying and Selling

In other Crinetics Pharmaceuticals 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 sale, the director owned 6,400 shares in the company, valued at approximately $228,288. This trade represents a 51.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 Crinetics Pharmaceuticals 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 transaction, the director directly owned 19,225 shares in the company, valued at $769,000. This represents a 13.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company's stock.

Institutional Trading of Crinetics Pharmaceuticals

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

Crinetics Pharmaceuticals Price Performance

The firm has a 50-day moving average of $55.09 and a 200-day moving average of $46.39. The stock has a market cap of $8.85 billion, a PE ratio of -16.37 and a beta of 0.12.

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.

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