Crinetics Pharmaceuticals Inc (NASDAQ: CRNX) stock jumped 5.82% on Friday to $29.99 against a previous-day closing price of $28.34. With 0.84 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.56 million shares. The 52-week range on CRNX shows that it touched its highest point at $31.41 and its lowest point at $15.23 during that stretch. It currently has a 1-year price target of $48.00. Beta for the stock currently stands at 0.51.
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 11.36%, but this was up by 7.68% over a month. Three-month performance surged to 86.85% while six-month performance rose 34.48%. The stock gained 64.87% in the past year, while it has gained 63.88% so far this year. A look at the trailing 12-month EPS for CRNX yields -3.64 with Next year EPS estimates of -3.55. For the next quarter, that number is -0.86. This implies an EPS growth rate of -14.57% for this year and 1.76% for next year.
Float and Shares Shorts:
At present, 66.80 million CRNX shares are outstanding with a float of 56.92 million shares on hand for trading. On Oct 30, 2023, short shares totaled 6.71 million, which was 10.05% higher than short shares on Sep 28, 2023. In addition to Dr. R. Scott Struthers Ph.D. as the firm’s Founder, President, CEO & Director, Dr. Stephen F. Betz Ph.D. serves as its Founder & Chief Scientific Officer.
Institutional Ownership:
Through their ownership of 105.36% of CRNX’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 55.88% of CRNX, in contrast to 37.20% held by mutual funds. Shares owned by individuals account for 25.26%. As the largest shareholder in CRNX with 7.76% of the stake, Driehaus Capital Management LLC holds 5,132,287 shares worth 5,132,287. A second-largest stockholder of CRNX, BlackRock Fund Advisors, holds 4,357,135 shares, controlling over 6.59% of the firm’s shares. Point72 Asset Management LP is the third largest shareholder in CRNX, holding 4,225,300 shares or 6.39% stake. With a 2.97% stake in CRNX, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 1,964,662 shares are owned by the mutual fund manager. The SPDR S&P Biotech ETF, which owns about 2.59% of CRNX stock, is the second-largest Mutual Fund holder. It holds 1,713,333 shares valued at 50.18 million. iShares Russell 2000 ETF holds 2.26% of the stake in CRNX, owning 1,495,943 shares worth 43.82 million.
Analysts Ratings:
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 $57.00 and a low target of $33.00, the average target price over the next 12 months is $48.00. Based on these targets, CRNX could surge 90.06% to reach the target high and rise by 10.04% to reach the target low. Reaching the average price target will result in a growth of 60.05% from current levels.
Summary of Insider Activity:
Insiders traded CRNX stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 20 while that of sell transactions has risen to 19 over the past year. The total number of shares bought during that period was 255,681 while 177,366 shares were sold.
