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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price hit 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 changing hands. The stock had previously closed at $58.92.

Other analysts also recently issued reports about the stock. JMP Securities reiterated a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Oppenheimer restated an “outperform” rating and set a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, HC Wainwright upped their price objective on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday. One equities research 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 Activity

In related news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 28,507 shares in the company, valued at $1,557,337.41. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the sale, the insider now owns 68,576 shares in the company, valued at approximately $3,531,664. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the transaction, the insider now directly owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,410 shares of company stock worth $2,275,929. 6.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of CRNX. Comerica Bank purchased a new stake in Crinetics Pharmaceuticals in the 1st quarter worth $33,000. Quest Partners LLC purchased a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $42,000. Values First Advisors Inc. acquired a new stake in Crinetics Pharmaceuticals in the third quarter valued at approximately $84,000. Allspring Global Investments Holdings LLC acquired a new stake in Crinetics Pharmaceuticals in the third quarter valued at approximately $91,000. Finally, KBC Group NV raised 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 acquiring an additional 407 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Stock Up 5.0 %

The company’s fifty day moving average is $54.71 and its two-hundred day moving average is $51.09. The stock has a market cap of $4.95 billion, a price-to-earnings ratio of -16.62 and a beta of 0.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter last year, the business earned ($1.01) EPS. Sell-side analysts predict 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.