Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Rating Reaffirmed by Piper Sandler

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “overweight” rating reiterated by equities research analysts at Piper Sandler in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $97.00 target price on the stock. Piper Sandler’s price target suggests a potential upside of 119.46% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. Citigroup initiated coverage on Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They issued a “buy” rating and a $68.00 target price on the stock. Jonestrading upped their target price on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Oppenheimer upped their target price on Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, June 4th. Finally, HC Wainwright reiterated a “buy” rating and issued a $60.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, June 28th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $62.50.

Crinetics Pharmaceuticals Stock Down 2.9 %

CRNX opened at $44.20 on Tuesday. Crinetics Pharmaceuticals has a 52-week low of $15.76 and a 52-week high of $53.70. The company has a market cap of $3.49 billion, a P/E ratio of -11.69 and a beta of 0.68. The firm’s 50-day moving average price is $46.45 and its 200-day moving average price is $42.21.

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

Insider Activity

In other news, CFO Marc Wilson sold 32,129 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the transaction, the chief financial officer now owns 111,092 shares in the company, valued at approximately $4,844,722.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Stephen F. Betz sold 3,000 shares of the 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 completion of the transaction, the insider now directly owns 89,643 shares of the company’s stock, valued at approximately $4,431,053.49. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Marc Wilson sold 32,129 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $43.61, for a total value of $1,401,145.69. Following the completion of the transaction, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at $4,844,722.12. The disclosure for this sale can be found here. Insiders have sold 188,408 shares of company stock worth $8,917,435 in the last quarter. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Artal Group S.A. acquired a new position in Crinetics Pharmaceuticals in the 1st quarter valued at $65,088,000. Comerica Bank acquired a new stake in shares of Crinetics Pharmaceuticals in the 1st quarter worth $33,000. California State Teachers Retirement System increased its stake in shares of Crinetics Pharmaceuticals by 11.1% in the 1st quarter. California State Teachers Retirement System now owns 64,292 shares of the company’s stock worth $3,010,000 after acquiring an additional 6,421 shares during the last quarter. AWM Investment Company Inc. increased its stake in shares of Crinetics Pharmaceuticals by 10.0% in the 1st quarter. AWM Investment Company Inc. now owns 55,000 shares of the company’s stock worth $2,575,000 after acquiring an additional 5,000 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Crinetics Pharmaceuticals by 264.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock worth $92,526,000 after acquiring an additional 1,434,909 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.