Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 1-Year High - Here's Why

Key Points

• Crinetics Pharmaceuticals hit a new 52-week high, trading as high as $84 and last around $83.91, well above its 50-day and 200-day moving averages.
• Wall Street sentiment has softened somewhat: several firms recently downgraded the stock to Hold, and the current consensus rating is Hold with an average price target of $78.27.
• The company’s latest quarterly results showed revenue growth of 2,873.4% year over year to $10.73 million, but it still posted a loss of $1.23 per share and remains unprofitable.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on CRNX. Citizens Jmp lowered shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. TD Cowen lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Wednesday, July 8th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Sunday, July 12th. UBS Group started coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 2nd. They issued a "buy" rating and a $55.00 price objective on the stock. Finally, Evercore lowered Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $78.27.

Crinetics Pharmaceuticals Price Performance

The firm's 50 day moving average price is $45.66 and its two-hundred day moving average price is $44.04. The stock has a market cap of $8.85 billion, a PE ratio of -16.36 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results 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 net margin of 2,747.18% and a negative return on equity of 43.96%. The business had revenue of $10.73 million for the quarter, compared to analysts' expectations of $8.51 million. During the same quarter in the previous year, the company posted ($1.04) earnings per share. The business's quarterly revenue was up 2873.4% compared to the same quarter last year. Analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.86 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares in the company, valued at approximately $228,288. The trade was a 51.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 business's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the director owned 19,225 shares in the company, valued at approximately $769,000. The trade was a 13.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of large investors have recently modified their holdings of CRNX. Handelsbanken Fonder AB grew its holdings in shares of Crinetics Pharmaceuticals by 22.0% during the second quarter. Handelsbanken Fonder AB now owns 36,000 shares of the company's stock worth $1,347,000 after purchasing an additional 6,500 shares in the last quarter. Glenmede Trust Co. NA raised its stake in Crinetics Pharmaceuticals by 72.6% in the first quarter. Glenmede Trust Co. NA now owns 29,245 shares of the company's stock valued at $1,062,000 after purchasing an additional 12,301 shares in the last quarter. Janus Henderson Group PLC lifted its position in Crinetics Pharmaceuticals by 1.8% during the first quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company's stock valued at $164,227,000 after purchasing an additional 79,560 shares during the last quarter. ADAR1 Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 268.3% during the first quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company's stock valued at $41,381,000 after purchasing an additional 829,963 shares during the last quarter. Finally, Amundi grew its stake in Crinetics Pharmaceuticals by 131.8% in the 1st quarter. Amundi now owns 13,034 shares of the company's stock worth $473,000 after buying an additional 7,412 shares in the last quarter. Institutional investors own 98.51% of the company's stock.

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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