10 Best Mid-Cap Healthcare Stocks To Buy Now

3. Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Hedge Fund Holders: 44 

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) a mid-cap biotech company, develops small-molecule drugs for rare endocrine disorders and endocrine-related tumors. Crinetics’ primary catalyst is the progression of its drug candidates through clinical trials. The company’s lead product, paltusotine, is being developed for the treatment of acromegaly and neuroendocrine tumors. Positive trial results could significantly boost investor confidence and stock value. Crinetics recently announced positive initial findings from two ongoing, open-label studies for atumelnant in the treatment of Congenital Adrenal Hyperplasia (CAH) and ACTH-Dependent Cushing’s Syndrome (ADCS). The company reported that 100% of participants with CAH maintained normal or near-normal hormone levels.

Marc Wilson, the Cheif Financial Officer of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) said in Q2 earnings call transcript:

“Crinetics continues to be in a strong financial position, having ended the second quarter with approximately $863 million in cash and investments. Our solid financial foundation is projected to fund our current operating plan into 2028. This includes plans to commercialize paltusitine for acromegaly, the initiation of multiple later-stage clinical trials in additional indications with paltusitine and Atumelnant, as well as continued investment in our pipeline. Concerning the second quarter financial results, research and development expenses were $58.3 million for the quarter end of June 30th, 2024, compared to $40.6 million for the same period in 2023. The increase was primarily attributable to higher personnel costs and manufacturing and development activities, both of which were driven by the advancement of our clinical programs and the expansion of our preclinical portfolio. For the quarter ended June 30th, 2024, General and Administrative expenses were $24.8 million compared to $13.3 million for the same period in 2023. The change was primarily due to an increase in personnel costs and an increase in outside services as we continue to build the infrastructure to support our growing pipeline.”

As of Q2 2024, around 44 hedge fund holders held stakes in the stock with Driehaus Capital being the largest stakeholder in the stock with 6,112,173 shares worth $273,764,229. The stock holds a Strong Buy rating based on 11 Wall Street Analysts. The average price target is $70.09, ranging from $54.00 to $97.00, indicating a 32.10% increase from the current price of $53.06.