Crinetics Pharmaceuticals Inc. (NASDAQ: CRNX) stock jumped 0.72% on Friday to $29.49 against a previous-day closing price of $29.28. With 3.48 million shares changed hands, the volume of the stock remained heavier than its average volume of 1.2 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $29.75 whereas the lowest price it dropped to was $28.85. The 52-week range on CRNX shows that it touched its highest point at $31.00 and its lowest point at $15.23 during that stretch. It currently has a 1-year price target of $48.50. Beta for the stock currently stands at 0.81.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CRNX was up-trending over the past week, with a rise of 84.66%, but this was up by 81.25% over a month. Three-month performance surged to 41.98% while six-month performance rose 69.29%. The stock gained 38.19% in the past year, while it has gained 61.15% so far this year. A look at the trailing 12-month EPS for CRNX yields -3.41 with Next year EPS estimates of -3.60. For the next quarter, that number is -0.91. This implies an EPS growth rate of -12.60% for this year and 0.00% for next year.
Float and Shares Shorts:
At present, 54.27 million CRNX shares are outstanding with a float of 39.99 million shares on hand for trading. On Aug 30, 2023, short shares totaled 4.54 million, which was 8.30% higher than short shares on Jul 30, 2023. In addition to CROX as the firm’s Crocs, Inc., CRNX serves as its Crinetics Pharmaceuticals, Inc.
Through their ownership of 105.36% of CRNX’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 45.50% of CRNX, in contrast to 36.36% held by mutual funds. Shares owned by individuals account for 30.45%. As the largest shareholder in CRNX with 9.69% of the stake, Driehaus Capital Management LLC holds 5,298,088 shares worth 5,298,088. A second-largest stockholder of CRNX, BlackRock Fund Advisors, holds 3,879,195 shares, controlling over 7.09% of the firm’s shares. Wellington Management Co. LLP is the third largest shareholder in CRNX, holding 3,601,712 shares or 6.59% stake. With a 2.94% stake in CRNX, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 1,609,013 shares are owned by the mutual fund manager. The iShares Russell 2000 ETF, which owns about 2.19% of CRNX stock, is the second-largest Mutual Fund holder. It holds 1,198,284 shares valued at 20.75 million. SPDR S&P Biotech ETF holds 2.18% of the stake in CRNX, owning 1,192,848 shares worth 20.66 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, CRNX reported revenue of $439.00k and operating income of -$43.05M. The EBITDA in the recently reported quarter was -$42.86M and diluted EPS was -$0.81.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CRNX since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CRNX analysts setting a high price target of $60.00 and a low target of $33.00, the average target price over the next 12 months is $48.50. Based on these targets, CRNX could surge 103.46% to reach the target high and rise by 11.9% to reach the target low. Reaching the average price target will result in a growth of 64.46% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded CRNX stock several times over the past three months with 2 Buys and 5 Sells. In these transactions, 30,000 shares were bought while 80,922 shares were sold. The number of buy transactions has increased to 22 while that of sell transactions has risen to 23 over the past year. The total number of shares bought during that period was 279,281 while 189,870 shares were sold.