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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price reached a new 52-week high during trading 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.

Several other analysts have also commented on the company. HC Wainwright raised their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Oppenheimer reiterated an “outperform” rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Finally, JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.18.

Insider Buying and Selling

In other news, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $53.19, for a total transaction of $159,570.00. Following the transaction, the insider now directly owns 69,611 shares in the company, valued at $3,702,609.09. The trade was a 4.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 completion of the sale, the insider now directly owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. This represents a 33.52 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,410 shares of company stock worth $2,275,929. 6.00% of the stock is owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the stock. Comerica Bank acquired a new position in shares of Crinetics Pharmaceuticals during the 1st quarter valued at about $33,000. Quest Partners LLC acquired a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at about $42,000. Values First Advisors Inc. purchased a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at approximately $84,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth approximately $91,000. Finally, KBC Group NV increased its holdings in shares of Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after buying an additional 407 shares during the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Performance

The stock has a market cap of $4.77 billion, a PE ratio of -15.99 and a beta of 0.62. The company’s 50-day moving average price is $54.88 and its 200 day moving average price is $51.15.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted 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 in the prior year, the firm posted ($1.01) earnings per share. As a group, equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

About Crinetics Pharmaceuticals

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.