Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 52-Week High Following Analyst Upgrade

Key Points

• Crinetics Pharmaceuticals hit a new 52-week high after Robert W. Baird raised its price target to $85 from $62 and reiterated an outperform rating. Shares surged as high as $83.58, nearly doubling from the prior close of $42.03.
• Analyst sentiment remains broadly positive, with multiple firms maintaining or raising bullish targets; the current consensus rating is Moderate Buy with an average price target of $76.78.
• The company’s rally comes amid news that Vertex Pharmaceuticals agreed to acquire Crinetics for $85 per share in cash, prompting investor attention around the deal premium and related fair-price investigations.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) reached a new 52-week high on Tuesday after Robert W. Baird raised their price target on the stock from $62.00 to $85.00. Robert W. Baird currently has an outperform rating on the stock. Crinetics Pharmaceuticals traded as high as $83.58 and last traded at $83.5850, with a volume of 25891479 shares. The stock had previously closed at $42.03.

CRNX has been the topic of several other reports. Citizens Jmp restated a "market outperform" rating and issued a $95.00 price objective on shares of Crinetics Pharmaceuticals in a report on Thursday, June 11th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 17th. UBS Group began coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 2nd. They set a "buy" rating and a $55.00 price target for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Finally, Cantor Fitzgerald restated a "neutral" rating on shares of Crinetics Pharmaceuticals in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $76.78.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Jeff E. Knight sold 85,163 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total value of $3,415,036.30. Following the completion of the transaction, the insider directly owned 105,289 shares in the company, valued at approximately $4,222,088.90. This trade represents a 44.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the business's 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 transaction, the director directly owned 6,400 shares of the company's stock, valued at $228,288. The trade was a 51.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by company insiders.

More Crinetics Pharmaceuticals News

Here are the key news stories impacting Crinetics Pharmaceuticals this week:

• Positive Sentiment: Vertex Pharmaceuticals agreed to acquire Crinetics Pharmaceuticals for $85.00 per share in cash, sending shares sharply higher as investors price in the deal premium. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: HC Wainwright raised its price target on Crinetics to $85 from $81, reinforcing the transaction value and offering additional support for the stock. HC Wainwright price target update
• Neutral Sentiment: Analysts at Cantor Fitzgerald reiterated a neutral rating on Crinetics, signaling a wait-and-see stance after the takeover announcement. Cantor Fitzgerald rating reaffirmation
• Neutral Sentiment: Investor-rights firms have launched fair-price investigations into the transaction, which could create headline noise but does not change the announced deal terms for now. Halper Sadeh investigation

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock valued at $30,000 after buying an additional 331 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Crinetics Pharmaceuticals during the second quarter worth about $30,000. Parallel Advisors LLC grew its holdings in shares of Crinetics Pharmaceuticals by 34.6% during the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company's stock worth $57,000 after buying an additional 315 shares during the last quarter. Arax Advisory Partners grew its holdings in shares of Crinetics Pharmaceuticals by 131.2% during the fourth quarter. Arax Advisory Partners now owns 1,498 shares of the company's stock worth $70,000 after buying an additional 850 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at about $45,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Trading Up 98.7%

The company has a 50 day simple moving average of $36.77 and a 200 day simple moving average of $41.51. The stock has a market capitalization of $8.81 billion, a PE ratio of -16.28 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts' consensus estimates of ($1.22) by ($0.01). The company had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The firm's revenue was up 2873.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.04) earnings per share. On average, equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current year.

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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