Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 12-Month High - What's Next?

Key Points

• Crinetics Pharmaceuticals shares reached a new 52-week high, trading around $84.32–$84.35 and giving the company a market capitalization of approximately $8.93 billion.
• Analyst sentiment is mixed: five analysts rate the stock a Buy, eleven a Hold and one a Sell. The average rating is Hold, with an average price target of $81, while UBS and Jefferies recently raised targets to $85.
• Crinetics exceeded quarterly expectations, reporting an adjusted EPS loss of $1.14 versus a projected loss of $1.18 and revenue of $25.12 million, up 2,336.9% year over year. Institutional investors own 98.51% of the stock, although two directors recently sold shares under pre-arranged trading plans.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $84.32 and last traded at $84.3450, with a volume of 585762 shares. The stock had previously closed at $84.08.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CRNX shares. UBS Group reissued a "neutral" rating and issued a $85.00 price objective (up from $55.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 28th. Evercore cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Cantor Fitzgerald lowered shares of Crinetics Pharmaceuticals from an "overweight" rating to a "hold" rating in a research report on Tuesday, July 7th. Lifesci Capital cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Finally, Jefferies Financial Group downgraded shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and upped their price objective for the stock from $55.00 to $85.00 in a report on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $81.00.

Crinetics Pharmaceuticals Stock Performance

The firm has a 50 day moving average of $58.91 and a two-hundred day moving average of $47.18. The stock has a market cap of $8.93 billion, a P/E ratio of -16.71 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, topping the consensus estimate of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The company had revenue of $25.12 million for the quarter, compared to the consensus estimate of $14.84 million. During the same period in the previous year, the business posted ($1.23) EPS. The company's revenue for the quarter was up 2336.9% on a year-over-year basis. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Stephanie Okey sold 6,900 shares of the company's stock in a transaction 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 transaction, the director directly owned 6,400 shares in the company, valued at $228,288. This represents a 51.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction 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 sale, 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 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. Insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently made changes to their positions in CRNX. BlackRock Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at $365,179,000. Wellington Management Group LLP boosted its position in shares of Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company's stock valued at $349,110,000 after acquiring an additional 2,574,683 shares in the last quarter. Baker BROS. Advisors LP increased its stake in Crinetics Pharmaceuticals by 488.9% in the fourth quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company's stock valued at $76,755,000 after acquiring an additional 1,368,869 shares during the period. Farallon Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 20.2% in 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. Finally, ADAR1 Capital Management LLC raised its position in Crinetics Pharmaceuticals by 268.3% in the first quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company's stock worth $41,381,000 after purchasing an additional 829,963 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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