As of Tuesday, Crinetics Pharmaceuticals Inc.’s (NASDAQ:CRNX) stock closed at $19.91, up from $19.90 the previous day. While Crinetics Pharmaceuticals Inc. has overperformed by 0.05%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, CRNX rose by 4.96%, with highs and lows ranging from $27.86 to $15.37, whereas the simple moving average jumped by 3.90% in the last 200 days.
On November 30, 2021, JMP Securities started tracking Crinetics Pharmaceuticals Inc. (NASDAQ: CRNX) recommending Mkt Outperform. A report published by Evercore ISI on November 23, 2021, Initiated its previous ‘Outperform’ rating for CRNX. JP Morgan also Upgraded CRNX shares as ‘Overweight’, setting a target price of $28 on the company’s shares in a report dated June 18, 2021. ROTH Capital Initiated an Buy rating on December 23, 2019, and assigned a price target of $37. H.C. Wainwright initiated its ‘Buy’ rating for CRNX, as published in its report on February 14, 2019. Piper Jaffray’s report from August 13, 2018 suggests a price prediction of $40 for CRNX shares, giving the stock a ‘Overweight’ rating. Leerink Partners also rated the stock as ‘Outperform’.
Analysis of Crinetics Pharmaceuticals Inc. (CRNX)
One of the most important indicators of Crinetics Pharmaceuticals Inc.’s future performance is equity, which can be evaluated using several well-rounded types of analysis and research techniques. The goal here is to ensure that your current return on equity of -43.60% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 15.40, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can also provide valuable insight into volatility, and CRNX is recording 337.23K average volume. On a monthly basis, the volatility of the stock is set at 6.00%, whereas on a weekly basis, it is put at 5.27%, with a gain of 4.24% over the past seven days. Furthermore, long-term investors anticipate a median target price of $43.43, showing growth from the present price of $19.91, which can serve as yet another indication of whether CRNX is worth investing in or should be passed over.
How Do You Analyze Crinetics Pharmaceuticals Inc. Shares?
Along with the fundamentals, it is also important to consider how many employees own shares of the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.30%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 99.10% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in CRNX shares?
The recent increase in stakes in CRNX appears to be a result of several institutional investors and hedge funds increasing their positions. Driehaus Capital Management LLC’s position in CRNX has increased by 2.88% in the first quarter. The company now owns 5,631,958 shares of the stock, with a value of $103.06 million, following the purchase of 157,499 additional shares during the last quarter.
At the end of the first quarter, Wellington Management Co. LLP increased its CRNX holdings by 44.39% and now holds 2.63 million CRNX shares valued at $48.18 million with the added 0.81 million shares during the period. CRNX shares are owned by institutional investors to the tune of 99.10% at present.