Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 52-Week High on Analyst Upgrade

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price 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 changing hands. The stock had previously closed at $47.66.

Several other equities analysts have also recently issued reports on CRNX. Cantor Fitzgerald upped their price objective on Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, March 4th. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Thursday, March 28th. Jonestrading lifted their price objective on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Morgan Stanley initiated coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, January 16th. They set an “overweight” rating and a $50.00 target price on the stock. Finally, Robert W. Baird raised their price target on shares of Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.58.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 15,089 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $44.06, for a total transaction of $664,821.34. Following the completion of the sale, the insider now directly owns 27,786 shares of the company’s stock, valued at $1,224,251.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Dana Pizzuti sold 15,089 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $44.06, for a total transaction of $664,821.34. Following the transaction, the insider now directly owns 27,786 shares in the company, valued at $1,224,251.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephanie Okey sold 17,500 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $46.38, for a total value of $811,650.00. Following the sale, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $278,280. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 187,216 shares of company stock valued at $8,509,397. 7.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fisher Asset Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 718.6% in the fourth quarter. Fisher Asset Management LLC now owns 440,893 shares of the company’s stock worth $15,687,000 after purchasing an additional 387,033 shares in the last quarter. Campbell & CO Investment Adviser LLC increased its stake in Crinetics Pharmaceuticals by 196.0% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 63,917 shares of the company’s stock worth $1,901,000 after buying an additional 42,323 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Crinetics Pharmaceuticals by 31.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 461,303 shares of the company’s stock valued at $13,719,000 after acquiring an additional 110,565 shares during the period. Vivo Capital LLC purchased a new position in shares of Crinetics Pharmaceuticals in the third quarter valued at about $10,409,000. Finally, Victory Capital Management Inc. bought a new position in shares of Crinetics Pharmaceuticals in the third quarter worth about $1,338,000. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

The firm has a 50-day moving average of $44.29 and a 200-day moving average of $37.76. The stock has a market cap of $4.01 billion, a PE ratio of -13.75 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.90) earnings per share for the quarter, missing the consensus estimate 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%. The company’s quarterly revenue was down 100.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.84) earnings per share. Equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.34 EPS for the current fiscal 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.