Crinetics Pharmaceuticals (NASDAQ:CRNX) Hits New 52-Week High Following Analyst Upgrade

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares reached a new 52-week high 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.

A number of other equities research analysts have also recently issued reports on CRNX. HC Wainwright reissued a “buy” rating and issued a $50.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 19th. Oppenheimer increased their target price on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. Cantor Fitzgerald lifted their price target on shares of Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, March 4th. Jonestrading boosted their price target on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Finally, Morgan Stanley began coverage on Crinetics Pharmaceuticals in a research note on Tuesday, January 16th. They set an “overweight” rating and a $50.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.58.

Insider Activity

In related news, CFO Marc Wilson sold 6,942 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total transaction of $297,881.22. Following the completion of the sale, the chief financial officer now directly owns 110,630 shares in the company, valued at approximately $4,747,133.30. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Marc Wilson sold 6,942 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total transaction of $297,881.22. Following the sale, the chief financial officer now directly owns 110,630 shares of the company’s stock, valued at approximately $4,747,133.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dana Pizzuti sold 15,089 shares of the 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 transaction, the insider now directly owns 27,786 shares of the company’s stock, valued at approximately $1,224,251.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 187,216 shares of company stock worth $8,509,397. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Wellington Management Group LLP increased its holdings in Crinetics Pharmaceuticals by 1.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,640,235 shares of the company’s stock worth $108,261,000 after purchasing an additional 38,523 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Crinetics Pharmaceuticals by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 3,502,452 shares of the company’s stock valued at $124,617,000 after buying an additional 95,417 shares during the period. Jennison Associates LLC increased its stake in shares of Crinetics Pharmaceuticals by 10.6% in the first quarter. Jennison Associates LLC now owns 2,817,854 shares of the company’s stock valued at $131,904,000 after buying an additional 270,171 shares during the period. FMR LLC raised its holdings in Crinetics Pharmaceuticals by 97.7% in the 3rd quarter. FMR LLC now owns 2,140,861 shares of the company’s stock valued at $63,669,000 after buying an additional 1,057,947 shares during the last quarter. Finally, First Light Asset Management LLC boosted its position in Crinetics Pharmaceuticals by 25.5% during the 4th quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock worth $70,725,000 after buying an additional 404,443 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Trading Down 2.9 %

The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of -13.36 and a beta of 0.63. The firm’s 50-day moving average is $44.46 and its 200 day moving average is $37.84.

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.