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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s share price reached a new 52-week high 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 trading hands. The stock had previously closed at $58.92.

Other analysts also recently issued research reports about the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Oppenheimer reissued an “outperform” rating and issued a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Finally, HC Wainwright boosted their price objective 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 investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $70.18.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 25,000 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total transaction 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. The trade was a 18.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $53.19, for a total transaction of $159,570.00. Following the sale, the insider now directly owns 69,611 shares in the company, valued at $3,702,609.09. This trade represents a 4.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,410 shares of company stock valued at $2,275,929. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

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

Crinetics Pharmaceuticals Price Performance

The company has a market capitalization of $5.07 billion, a PE ratio of -14.67 and a beta of 0.62. The firm’s fifty day simple moving average is $54.97 and its 200 day simple moving average is $51.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period last year, the business posted ($1.01) EPS. On average, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.72 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.