Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 1-Year High on Analyst Upgrade

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) reached a new 52-week high during trading on Wednesday after Piper Sandler raised their price target on the stock from $56.00 to $97.00. Piper Sandler currently has an overweight rating on the stock. Crinetics Pharmaceuticals traded as high as $49.99 and last traded at $49.99, with a volume of 5776 shares traded. The stock had previously closed at $47.66.

CRNX has been the topic of a number of other research reports. 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. Morgan Stanley initiated coverage on Crinetics Pharmaceuticals in a report on Tuesday, January 16th. They set an “overweight” rating and a $50.00 price target for the company. Cantor Fitzgerald upped their price objective on Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Jonestrading lifted their target price on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Finally, JMP Securities restated a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Thursday, March 28th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.58.

Insider Buying and Selling

In other news, Director Matthew K. Fust sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $44.14, for a total value of $2,648,400.00. Following the completion of the transaction, the director now directly owns 18,536 shares in the company, valued at approximately $818,179.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Richard Scott Struthers sold 40,951 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the completion of the sale, the chief executive officer now directly owns 237,835 shares in the company, valued at approximately $11,694,346.95. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Matthew K. Fust sold 60,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $44.14, for a total value of $2,648,400.00. Following the completion of the transaction, the director now owns 18,536 shares in the company, valued at approximately $818,179.04. The disclosure for this sale can be found here. Insiders sold 187,216 shares of company stock valued at $8,509,397 over the last quarter. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Quarry LP bought a new position in Crinetics Pharmaceuticals in the 4th quarter valued at approximately $36,000. China Universal Asset Management Co. Ltd. raised its position in Crinetics Pharmaceuticals by 98.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,403 shares of the company’s stock valued at $42,000 after purchasing an additional 695 shares during the last quarter. AJOVista LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter valued at about $58,000. HighMark Wealth Management LLC bought a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth about $151,000. Finally, Oppenheimer Asset Management Inc. bought a new position in Crinetics Pharmaceuticals in the 1st quarter valued at approximately $200,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Trading Up 6.8 %

The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of -13.75 and a beta of 0.63. The firm’s 50-day moving average is $44.29 and its 200 day moving average is $37.76.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. Crinetics Pharmaceuticals’s revenue was down 100.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.84) EPS. Analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.34 EPS for the current year.

Crinetics Pharmaceuticals Company Profile

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.