Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 12-Month High at $48.00

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) hit a new 52-week high on Monday . The company traded as high as $48.00 and last traded at $48.00, with a volume of 321 shares changing hands. The stock had previously closed at $46.81.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Jefferies Financial Group began coverage on Crinetics Pharmaceuticals in a research report on Thursday, December 21st. They issued a "hold" rating and a $35.00 price target on the stock. Citigroup assumed coverage on Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They issued a "buy" rating and a $68.00 price target for the company. HC Wainwright reiterated a "buy" rating and issued a $50.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 19th. Oppenheimer raised their price objective on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the company an "outperform" rating in a research note on Wednesday, March 20th. Finally, Morgan Stanley assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday, January 16th. They issued an "overweight" rating and a $50.00 target price for the company. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.17.

Crinetics Pharmaceuticals Price Performance

The company has a market capitalization of $3.24 billion, a P/E ratio of -12.31 and a beta of 0.62. The business has a 50-day moving average of $40.00 and a 200-day moving average of $34.45.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 52.93%. During the same period last year, the business earned ($0.84) earnings per share. Crinetics Pharmaceuticals's quarterly revenue was down 100.0% on a year-over-year basis. Sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.34 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, CFO Marc Wilson sold 10,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $35.47, for a total value of $354,700.00. Following the completion of the sale, the chief financial officer now owns 96,055 shares in the company, valued at approximately $3,407,070.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Stephen F. Betz sold 3,000 shares of the company's stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $37.65, for a total value of $112,950.00. Following the completion of the sale, the insider now owns 76,298 shares in the company, valued at approximately $2,872,619.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Marc Wilson sold 10,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $35.47, for a total value of $354,700.00. Following the completion of the transaction, the chief financial officer now owns 96,055 shares in the company, valued at $3,407,070.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 144,765 shares of company stock worth $6,127,485. Corporate insiders own 7.00% of the company's stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of CRNX. BlackRock Inc. raised its stake in Crinetics Pharmaceuticals by 16.3% in the 2nd quarter. BlackRock Inc. now owns 4,600,486 shares of the company's stock valued at $82,901,000 after purchasing an additional 644,128 shares during the last quarter. Wellington Management Group LLP increased its holdings in Crinetics Pharmaceuticals by 1.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,640,235 shares of the company's stock valued at $108,261,000 after purchasing an additional 38,523 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Crinetics Pharmaceuticals by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 3,502,452 shares of the company's stock valued at $124,617,000 after buying an additional 95,417 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Crinetics Pharmaceuticals by 16.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,008,858 shares of the company's stock worth $107,056,000 after acquiring an additional 430,659 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in Crinetics Pharmaceuticals by 77.7% in the 4th quarter. Jennison Associates LLC now owns 2,547,683 shares of the company's stock worth $90,647,000 after acquiring an additional 1,113,992 shares during the period. Institutional investors and hedge funds own 98.51% of the company's stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.