Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Free Report)’s stock price traded up 8.1% during trading on Thursday . The company traded as high as $41.98 and last traded at $41.8150. Approximately 209,193 shares traded hands during trading, a decline of 83% from the average daily volume of 1,237,097 shares. The stock had previously closed at $38.68.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on CRNX. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Citizens Jmp reaffirmed a “market outperform” rating and set a $95.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday, June 11th. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. UBS Group assumed coverage on Crinetics Pharmaceuticals in a research report on Thursday. They issued a “buy” rating and a $55.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $73.78.
Check Out Our Latest Research Report on CRNX
Crinetics Pharmaceuticals Stock Performance
Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The company had revenue of $10.73 million for the quarter, compared to analysts’ expectations of $8.51 million. During the same period in the prior year, the firm posted ($1.04) EPS. The firm’s revenue for the quarter was up 2873.4% on a year-over-year basis. Sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, insider Jeff E. Knight sold 85,163 shares of the business’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the sale, the insider directly owned 105,289 shares of the company’s stock, valued at $4,222,088.90. The trade was a 44.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director owned 6,400 shares of the company’s stock, valued at $228,288. This trade represents a 51.88% decrease in their position. 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 insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the company. Glenmede Trust Co. NA raised its stake in shares of Crinetics Pharmaceuticals by 72.6% in the first quarter. Glenmede Trust Co. NA now owns 29,245 shares of the company’s stock worth $1,062,000 after purchasing an additional 12,301 shares during the last quarter. Janus Henderson Group PLC boosted its position in Crinetics Pharmaceuticals by 1.8% in the first quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock valued at $164,227,000 after buying an additional 79,560 shares during the last quarter. ADAR1 Capital Management LLC boosted its position in Crinetics Pharmaceuticals by 268.3% in the first quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company’s stock valued at $41,381,000 after buying an additional 829,963 shares during the last quarter. Amundi increased its holdings in Crinetics Pharmaceuticals by 131.8% in the 1st quarter. Amundi now owns 13,034 shares of the company’s stock worth $473,000 after buying an additional 7,412 shares during the period. Finally, California State Teachers Retirement System increased its holdings in Crinetics Pharmaceuticals by 23.4% in the 1st quarter. California State Teachers Retirement System now owns 105,563 shares of the company’s stock worth $3,834,000 after buying an additional 19,995 shares during the period. 98.51% of the stock is owned by institutional investors and hedge funds.
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.
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