Crinetics Pharmaceuticals (NASDAQ:CRNX) Reaches New 1-Year High After Strong Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s share price reached a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $84.00 and last traded at $83.95, with a volume of 799004 shares trading hands. The stock had previously closed at $83.76.

The company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 2,747.18% and a negative return on equity of 43.96%. The company’s revenue was up 2336.9% on a year-over-year basis. During the same period last year, the firm posted ($1.23) EPS.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. JonesTrading downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 price target on the stock. in a report on Tuesday, July 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. Jefferies Financial Group lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and raised their price objective for the company from $55.00 to $85.00 in a research report on Tuesday, July 7th. Oppenheimer reiterated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. Finally, Citizens Jmp lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $81.00.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares of the company’s stock, valued at $228,288. This trade represents a 51.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director owned 19,225 shares in the company, valued at approximately $769,000. This trade represents a 13.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently added to or reduced their stakes in CRNX. Wellington Management Group LLP raised its position in Crinetics Pharmaceuticals by 44.3% during the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after purchasing an additional 2,574,683 shares during the period. Farallon Capital Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 20.2% in the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after purchasing an additional 1,163,000 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Crinetics Pharmaceuticals by 1.8% in the 1st quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock worth $164,227,000 after purchasing an additional 79,560 shares during the period. Paradigm Biocapital Advisors LP increased its position in shares of Crinetics Pharmaceuticals by 8.8% during the 3rd quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock valued at $106,240,000 after purchasing an additional 207,221 shares during the last quarter. Finally, Siren L.L.C. increased its position in shares of Crinetics Pharmaceuticals by 26.3% during the 1st quarter. Siren L.L.C. now owns 1,903,636 shares of the company’s stock valued at $69,140,000 after purchasing an additional 396,000 shares during the last quarter. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Trading Up 0.2%

The company has a 50-day moving average price of $55.09 and a two-hundred day moving average price of $46.39. The stock has a market cap of $8.85 billion, a P/E ratio of -16.37 and a beta of 0.12.

About Crinetics Pharmaceuticals

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.