Crinetics Pharmaceuticals (NASDAQ:CRNX) Receives “Overweight” Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research note published on Tuesday morning, Benzinga reports. They currently have a $97.00 target price on the stock.

Several other equities analysts also recently commented on CRNX. Cantor Fitzgerald reaffirmed an overweight rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. HC Wainwright reiterated a buy rating and issued a $60.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, June 28th. Robert W. Baird increased their price target on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an outperform rating in a research note on Thursday, May 23rd. JMP Securities reiterated a market outperform rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. Finally, Oppenheimer increased their price target on Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the company an outperform rating in a research note on Tuesday, June 4th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $62.50.

Crinetics Pharmaceuticals Trading Down 1.2 %

NASDAQ CRNX opened at $45.54 on Tuesday. The stock’s 50 day moving average is $46.43 and its 200 day moving average is $42.20. Crinetics Pharmaceuticals has a 12 month low of $15.76 and a 12 month high of $53.70. The stock has a market cap of $3.59 billion, a PE ratio of -12.05 and a beta of 0.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The business had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.20 million. During the same quarter last year, the firm posted ($0.85) earnings per share. Crinetics Pharmaceuticals’s revenue was down 76.1% on a year-over-year basis. On average, analysts forecast that Crinetics Pharmaceuticals will post -3.53 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Richard Scott Struthers sold 40,951 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the transaction, the chief executive officer now owns 237,835 shares in the company, valued at $11,694,346.95. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Richard Scott Struthers sold 40,951 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total value of $2,013,560.67. Following the completion of the sale, the chief executive officer now directly owns 237,835 shares of the company’s stock, valued at $11,694,346.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $49.43, for a total value of $148,290.00. Following the transaction, the insider now directly owns 89,643 shares of the company’s stock, valued at $4,431,053.49. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 229,359 shares of company stock worth $10,930,996. 6.00% of the stock is owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Alps Advisors Inc. raised its stake in shares of Crinetics Pharmaceuticals by 1.6% during the 3rd quarter. Alps Advisors Inc. now owns 40,328 shares of the company’s stock worth $1,199,000 after buying an additional 618 shares in the last quarter. Comerica Bank purchased a new position in Crinetics Pharmaceuticals during the first quarter worth $33,000. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 2.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company’s stock worth $1,783,000 after purchasing an additional 927 shares during the last quarter. Quarry LP acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth $36,000. Finally, AJOVista LLC acquired a new position in Crinetics Pharmaceuticals in the fourth quarter valued at $58,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

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.