Crinetics Pharmaceuticals (NASDAQ:CRNX) Sets New 1-Year High Following Analyst Upgrade

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) hit a new 52-week high during trading on Thursday after Citigroup raised their price target on the stock from $70.00 to $74.00. Citigroup currently has a buy rating on the stock. Crinetics Pharmaceuticals traded as high as $62.53 and last traded at $62.00, with a volume of 320685 shares. The stock had previously closed at $58.92.

CRNX has been the topic of a number of other reports. JMP Securities restated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Oppenheimer reissued an “outperform” rating and set a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, HC Wainwright boosted their price target on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $70.18.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total value of $785,306.25. Following the transaction, the insider now owns 28,507 shares of the company’s stock, valued at $1,557,337.41. This represents a 33.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $51.11, for a total value of $1,277,750.00. Following the sale, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at $5,677,912.12. This trade represents a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,410 shares of company stock valued at $2,275,929. 6.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CRNX. Comerica Bank purchased a new stake in Crinetics Pharmaceuticals during the first quarter worth approximately $33,000. Quest Partners LLC acquired a new stake in Crinetics Pharmaceuticals during the second quarter worth approximately $42,000. Values First Advisors Inc. acquired a new stake in Crinetics Pharmaceuticals during the third quarter worth approximately $84,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth approximately $91,000. Finally, KBC Group NV boosted its holdings in shares of Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after buying an additional 407 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

The stock’s 50-day moving average is $54.88 and its 200 day moving average is $51.15. The stock has a market capitalization of $4.77 billion, a PE ratio of -15.99 and a beta of 0.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter in the prior year, the business posted ($1.01) EPS. Analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

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.