Crinetics Pharmaceuticals (NASDAQ:CRNX) Sets New 12-Month High - Should You Buy?

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $60.00 and last traded at $59.86, with a volume of 368060 shares traded. The stock had previously closed at $58.70.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CRNX shares. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Piper Sandler reiterated an "overweight" rating and set a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. JPMorgan Chase & Co. boosted their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an "overweight" rating in a research report on Tuesday, July 9th. HC Wainwright lifted their price objective on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a "buy" rating in a research note on Friday, August 9th. Finally, Oppenheimer restated an "outperform" rating and set a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $68.55.

Crinetics Pharmaceuticals Stock Performance

The stock has a fifty day simple moving average of $52.91 and a two-hundred day simple moving average of $49.50. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -15.61 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.08). The business had revenue of $0.40 million during the quarter, compared to analysts' expectations of $0.47 million. The firm's revenue was down 59.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.94) EPS. Equities analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $53.43, for a total value of $160,290.00. Following the completion of the transaction, the insider now directly owns 75,611 shares in the company, valued at approximately $4,039,895.73. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $53.43, for a total transaction of $160,290.00. Following the sale, the insider now directly owns 75,611 shares in the company, valued at $4,039,895.73. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dana Pizzuti sold 14,375 shares of the company's stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total transaction of $785,306.25. Following the completion of the transaction, the insider now owns 28,507 shares of the company's stock, valued at approximately $1,557,337.41. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,466 shares of company stock worth $3,462,956 in the last three months. 6.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Driehaus Capital Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 17.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company's stock valued at $273,764,000 after purchasing an additional 885,876 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Crinetics Pharmaceuticals by 27.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company's stock worth $178,966,000 after acquiring an additional 814,360 shares during the period. Vanguard Group Inc. raised its position in shares of Crinetics Pharmaceuticals by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company's stock worth $167,349,000 after acquiring an additional 72,624 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Crinetics Pharmaceuticals by 10.6% in the 1st quarter. Jennison Associates LLC now owns 2,817,854 shares of the company's stock valued at $131,904,000 after purchasing an additional 270,171 shares during the period. Finally, Janus Henderson Group PLC boosted its position in shares of Crinetics Pharmaceuticals by 264.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company's stock valued at $92,526,000 after purchasing an additional 1,434,909 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

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.