Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 52-Week High – Should You Buy?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $84.72 and last traded at $84.70, with a volume of 222701 shares trading hands. The stock had previously closed at $84.70.

Analyst Ratings Changes

Several brokerages recently commented on CRNX. HC Wainwright cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and boosted their target price for the stock from $81.00 to $85.00 in a report on Tuesday, July 7th. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Friday, July 17th. Robert W. Baird boosted their price objective on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Finally, Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Price Performance

The company has a market cap of $8.99 billion, a P/E ratio of -16.81 and a beta of 0.12. The company has a fifty day simple moving average of $66.01 and a 200-day simple moving average of $48.69.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, topping the consensus estimate of ($1.18) by $0.04. The business had revenue of $25.12 million during the quarter, compared to analyst estimates of $14.84 million. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The company’s revenue was up 2336.9% compared to the same quarter last year. During the same period last year, the company posted ($1.23) EPS. On average, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current year.

Insiders Place Their Bets

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the transaction, the director owned 19,225 shares of the company’s stock, valued at approximately $769,000. This trade represents a 13.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the sale, the director owned 6,400 shares in the company, valued at approximately $228,288. The trade was a 51.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Crinetics Pharmaceuticals during the second quarter valued at $365,179,000. Jupiter Topco LLC acquired a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth about $170,509,000. Wellington Management Group LLP grew its stake in Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after acquiring an additional 2,574,683 shares in the last quarter. Baker BROS. Advisors LP grew its stake in Crinetics Pharmaceuticals by 488.9% during the 4th quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock valued at $76,755,000 after acquiring an additional 1,368,869 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $49,884,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.