Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 1-Year High at $51.60

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $51.60 and last traded at $51.40, with a volume of 161329 shares trading hands. The stock had previously closed at $50.49.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CRNX. Robert W. Baird increased their price objective on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an "outperform" rating in a report on Thursday, February 29th. HC Wainwright reaffirmed a "buy" rating and set a $60.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, May 10th. JMP Securities reiterated a "market outperform" rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, May 10th. Jonestrading upped their price target on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a "buy" rating in a report on Wednesday, March 20th. Finally, Oppenheimer lifted their price objective on Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 20th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $58.42.

Crinetics Pharmaceuticals Stock Up 2.8 %

The firm has a market capitalization of $4.09 billion, a P/E ratio of -13.36 and a beta of 0.63. The business has a 50-day moving average price of $44.86 and a 200-day moving average price of $38.47.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) EPS for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.09). Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. The business had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.20 million. During the same period in the previous year, the business posted ($0.85) earnings per share. Crinetics Pharmaceuticals's revenue was down 76.1% on a year-over-year basis. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.43 EPS for the current year.

Insider Activity

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 107,448 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $49.40, for a total transaction of $5,307,931.20. Following the completion of the transaction, the chief executive officer now directly owns 257,485 shares in the company, valued at $12,719,759. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Richard Scott Struthers sold 107,448 shares of the firm's stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $49.40, for a total transaction of $5,307,931.20. Following the completion of the sale, the chief executive officer now owns 257,485 shares of the company's stock, valued at $12,719,759. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Stephen F. Betz sold 3,000 shares of the business's stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $49.43, for a total value of $148,290.00. Following the completion of the transaction, the insider now directly owns 89,643 shares in the company, valued at $4,431,053.49. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 297,664 shares of company stock worth $13,965,618. Company insiders own 7.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CRNX. Fisher Asset Management LLC boosted its stake in Crinetics Pharmaceuticals by 718.6% in the fourth quarter. Fisher Asset Management LLC now owns 440,893 shares of the company's stock valued at $15,687,000 after acquiring an additional 387,033 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its stake in shares of Crinetics Pharmaceuticals by 196.0% during the third quarter. Campbell & CO Investment Adviser LLC now owns 63,917 shares of the company's stock worth $1,901,000 after purchasing an additional 42,323 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Crinetics Pharmaceuticals by 31.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 461,303 shares of the company's stock valued at $13,719,000 after purchasing an additional 110,565 shares during the last quarter. Jennison Associates LLC lifted its stake in Crinetics Pharmaceuticals by 77.7% in the fourth quarter. Jennison Associates LLC now owns 2,547,683 shares of the company's stock valued at $90,647,000 after buying an additional 1,113,992 shares during the period. Finally, Victory Capital Management Inc. bought a new position in Crinetics Pharmaceuticals during the third quarter worth about $1,338,000. 98.51% of the stock is currently owned by institutional investors.

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.

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