Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 52-Week High - Should You Buy?

Key Points

• Crinetics Pharmaceuticals reached a new 52-week high of $84.79, giving the company an approximately $8.99 billion market capitalization.
• Analyst sentiment has become more cautious: five firms recently downgraded the stock to “Hold,” and the consensus rating is “Hold” with an $81 price target, below its current price.
• The company exceeded quarterly expectations, reporting a narrower-than-expected loss of $1.14 per share and $25.12 million in revenue, up 2,336.9% year over year. However, it remains deeply unprofitable, with a negative net margin of 1,189.88%.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) hit a new 52-week high on Monday . The company traded as high as $84.79 and last traded at $84.7950, with a volume of 184792 shares trading hands. The stock had previously closed at $84.69.

Wall Street Analysts Forecast Growth

CRNX has been the subject of several recent analyst reports. Lifesci Capital cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and upped their price objective for the company from $55.00 to $85.00 in a research note on Tuesday, July 7th. Citizens Jmp downgraded shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Piper Sandler cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Finally, Evercore cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report 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. Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of "Hold" and a consensus target price of $81.00.

Crinetics Pharmaceuticals Trading Up 0.1%

The company has a market cap of $8.99 billion, a PE ratio of -16.82 and a beta of 0.12. The business's 50-day simple moving average is $69.05 and its 200-day simple moving average is $49.42.

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

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, 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 transaction, the director directly owned 19,225 shares of the company's stock, valued at $769,000. This represents a 13.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 firm's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value 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 disclosure for this sale is available in the SEC filing. 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

Large investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock valued at $30,000 after purchasing an additional 331 shares during the last quarter. Headlands Technologies LLC bought a new position in Crinetics Pharmaceuticals during the second quarter valued at about $30,000. Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals during the second quarter valued at about $45,000. Parallel Advisors LLC lifted its position in shares of Crinetics Pharmaceuticals by 34.6% in 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. Finally, Arax Advisory Partners boosted its stake in shares of Crinetics Pharmaceuticals by 131.2% during the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company's stock worth $70,000 after acquiring an additional 850 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

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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