Crinetics Pharmaceuticals (NASDAQ:CRNX) Rating Reiterated by HC Wainwright

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a report released on Friday, Benzinga reports. They presently have a $60.00 price target on the stock. HC Wainwright’s price objective would indicate a potential upside of 33.96% from the company’s previous close.

A number of other research firms also recently commented on CRNX. Citigroup assumed coverage on Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They set a “buy” rating and a $68.00 target price for the company. Oppenheimer lifted their price target on Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, June 4th. Jonestrading lifted their price target on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Morgan Stanley lifted their price target on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Finally, Piper Sandler lifted their price target on Crinetics Pharmaceuticals from $56.00 to $97.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $62.50.

Crinetics Pharmaceuticals Stock Up 3.0 %

Crinetics Pharmaceuticals stock opened at $44.79 on Friday. Crinetics Pharmaceuticals has a 52 week low of $15.76 and a 52 week high of $53.70. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -11.85 and a beta of 0.64. The stock has a 50-day moving average price of $46.36 and a 200 day moving average price of $41.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, May 9th. The company reported ($0.93) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. The firm had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.20 million. During the same period last year, the firm earned ($0.85) EPS. The company’s revenue for the quarter was down 76.1% compared to the same quarter last year. Research analysts anticipate that Crinetics Pharmaceuticals will post -3.53 EPS for the current fiscal year.

Insider Activity

In other news, CEO Richard Scott Struthers sold 107,448 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $49.40, for a total value of $5,307,931.20. Following the completion of the sale, the chief executive officer now directly owns 257,485 shares in the company, valued at $12,719,759. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Richard Scott Struthers sold 107,448 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $49.40, for a total value of $5,307,931.20. Following the sale, the chief executive officer now directly owns 257,485 shares of the company’s stock, valued at $12,719,759. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jeff E. Knight sold 956 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total value of $42,427.28. Following the completion of the sale, the chief operating officer now directly owns 52,580 shares in the company, valued at $2,333,500.40. The disclosure for this sale can be found here. Insiders sold 197,230 shares of company stock worth $9,529,850 over the last three months. 6.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Crinetics Pharmaceuticals by 27.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after acquiring an additional 814,360 shares during the last quarter. Wellington Management Group LLP boosted its stake in Crinetics Pharmaceuticals by 1.1% during the third quarter. Wellington Management Group LLP now owns 3,640,235 shares of the company’s stock worth $108,261,000 after buying an additional 38,523 shares during the last quarter. Vanguard Group Inc. boosted its stake in Crinetics Pharmaceuticals by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after buying an additional 72,624 shares during the last quarter. Jennison Associates LLC boosted its stake in Crinetics Pharmaceuticals by 10.6% during the first quarter. Jennison Associates LLC now owns 2,817,854 shares of the company’s stock worth $131,904,000 after buying an additional 270,171 shares during the last quarter. Finally, First Light Asset Management LLC boosted its stake in Crinetics Pharmaceuticals by 25.5% during the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock worth $70,725,000 after buying an additional 404,443 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.