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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock 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.

Several other brokerages also recently issued reports on CRNX. Oppenheimer reiterated an “outperform” rating and issued a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. 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. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. Finally, HC Wainwright raised their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $70.18.

Insider Buying and Selling

In related news, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total value of $53,302.50. Following 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $53.19, for a total value of $159,570.00. Following the completion of the transaction, the insider now directly owns 69,611 shares in the company, valued at $3,702,609.09. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen F. Betz sold 1,035 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,410 shares of company stock worth $2,275,929. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its holdings in Crinetics Pharmaceuticals by 3.3% in the 2nd quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock worth $319,000 after buying an additional 227 shares during the period. US Bancorp DE boosted its holdings in shares of Crinetics Pharmaceuticals by 3.4% during the 3rd quarter. US Bancorp DE now owns 11,488 shares of the company’s stock valued at $587,000 after purchasing an additional 373 shares during the last quarter. KBC Group NV boosted 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 valued at $112,000 after purchasing an additional 407 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after purchasing an additional 464 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Crinetics Pharmaceuticals by 2.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock valued at $1,054,000 after buying an additional 505 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Trading Up 5.0 %

The stock has a market capitalization of $4.95 billion, a PE ratio of -16.62 and a beta of 0.62. The firm’s 50-day moving average price is $54.71 and its 200-day moving average price is $51.09.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter in the prior year, the business posted ($1.01) EPS. On average, 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.