The price of Crinetics Pharmaceuticals Inc. (NASDAQ:CRNX) shares last traded on Wall Street rose 17.29% to $30.59.
Based on available information, 10 analysts follow Crinetics Pharmaceuticals Inc. (NASDAQ:CRNX). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $60.00 and a low of $33.00, we find $50.00. Given the previous closing price of $26.08, this indicates a potential upside of 91.72 percent. CRNX stock price is now 68.39% away from the 50-day moving average and 63.67% away from the 200-day moving average. The market capitalization of the company currently stands at $1.69B.
Among analysts, 0 rate the stock a hold while 9 rate it a buy. Brokers who have rated the stock have averaged $48.50 as their price target over the next twelve months.
With the price target of $40, Oppenheimer recently initiated with Outperform rating for Crinetics Pharmaceuticals Inc. (NASDAQ: CRNX).
In other news, Struthers Richard Scott, President & CEO sold 14,157 shares of the company’s stock on Jul 13. The stock was sold for $288,095 at an average price of $20.35. Upon completion of the transaction, the President & CEO now directly owns 630,805 shares in the company, valued at $19.3 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 12, President & CEO Struthers Richard Scott sold 11,459 shares of the business’s stock. A total of $231,128 was realized by selling the stock at an average price of $20.17. This leaves the insider owning 644,962 shares of the company worth $19.73 million. Insiders disposed of 194,038 shares of company stock worth roughly $5.94 million over the past 1 year. A total of 0.30% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in CRNX stock. A new stake in Crinetics Pharmaceuticals Inc. shares was purchased by IKARIAN CAPITAL, LLC during the first quarter worth $14,530,000. JENNISON ASSOCIATES LLC invested $14,117,000 in shares of CRNX during the first quarter. In the first quarter, ADAGE CAPITAL PARTNERS GP, L.L.C. acquired a new stake in Crinetics Pharmaceuticals Inc. valued at approximately $6,883,000. BOOTHBAY FUND MANAGEMENT, LLC acquired a new stake in CRNX for approximately $2,961,000. PRUDENTIAL FINANCIAL INC purchased a new stake in CRNX valued at around $2,195,000 in the second quarter. In total, there are 194 active investors with 105.36% ownership of the company’s stock.
A candlestick chart of Crinetics Pharmaceuticals Inc. (NASDAQ: CRNX) showed a price of $27.00 on Tuesday morning. During the past 12 months, Crinetics Pharmaceuticals Inc. has had a low of $15.23 and a high of $29.45. As of last week, the company has a debt-to-equity ratio of 0.00, a current ratio of 8.70, and a quick ratio of 8.70. The fifty day moving average price for CRNX is $18.42 and a two-hundred day moving average price translates $18.75 for the stock.
The latest earnings results from Crinetics Pharmaceuticals Inc. (NASDAQ: CRNX) was released for Jun, 2023. According to the Biotechnology Company, earnings per share came in at -$0.94, missing analysts’ expectations of -$0.86 by -0.08. This compares to -$0.81 EPS in the same period last year. The company reported revenue of $0.99 million for the quarter, compared to $0.44 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 125.06 percent. For the current quarter, analysts expect CRNX to generate $120k in revenue.
Crinetics Pharmaceuticals Inc.(CRNX) Company Profile
Crinetics Pharmaceuticals, Inc., a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for endocrine diseases and endocrine-related tumors. The company’s lead product candidate is Paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist that has completed phase III clinical trial for the treatment of acromegaly, as well as completed phase II clinical trial to treat carcinoid syndrome and nonfunctional neuroendocrine tumors (NETs). It is also developing CRN04777, an oral selective nonpeptide somatostatin type 5 receptor agonist, which is in phase I clinical trial for the treatment of congenital hyperinsulinism; and CRN04894, an oral adrenocorticotrophic hormone antagonist that is in phase I clinical trial for the treatment of Cushing’s and congenital adrenal hyperplasia diseases. The company was incorporated in 2008 and is headquartered in San Diego, California.
