Crinetics Pharmaceuticals (NASDAQ:CRNX) Earns “Buy” Rating from HC Wainwright

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They currently have a $81.00 price objective on the stock. HC Wainwright’s target price suggests a potential upside of 127.40% from the company’s current price.

A number of other equities analysts also recently issued reports on CRNX. Citigroup lifted their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, JMP Securities reissued a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $74.40.

Crinetics Pharmaceuticals Trading Down 8.6 %

Shares of CRNX opened at $35.62 on Monday. The business’s fifty day moving average is $54.68 and its 200 day moving average is $53.29. Crinetics Pharmaceuticals has a 12-month low of $35.24 and a 12-month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the previous year, the business posted ($1.01) EPS. On average, equities research analysts expect that Crinetics Pharmaceuticals will post -3.75 EPS for the current fiscal year.

Insider Activity

In related news, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $56.52, for a total transaction of $28,316.52. Following the transaction, the chief operating officer now owns 51,653 shares in the company, valued at $2,919,427.56. The trade was a 0.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its holdings in Crinetics Pharmaceuticals by 0.3% in the third quarter. JPMorgan Chase & Co. now owns 285,956 shares of the company’s stock worth $14,612,000 after acquiring an additional 894 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Crinetics Pharmaceuticals by 488.5% in the third quarter. Principal Financial Group Inc. now owns 77,709 shares of the company’s stock worth $3,971,000 after purchasing an additional 64,504 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Crinetics Pharmaceuticals by 61.4% during the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock valued at $73,815,000 after purchasing an additional 528,688 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 10.1% during the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock valued at $94,458,000 after purchasing an additional 169,746 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of Crinetics Pharmaceuticals by 75.5% during the third quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after buying an additional 89,358 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Company Profile

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.