Crinetics Pharmaceuticals (NASDAQ:CRNX) Receives Overweight Rating from Cantor Fitzgerald

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “overweight” rating reaffirmed by research analysts at Cantor Fitzgerald in a report issued on Monday, Benzinga reports. They presently have a $90.00 price objective on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 69.84% from the company’s current price.

CRNX has been the subject of several other reports. JMP Securities reissued a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. Piper Sandler reissued an “overweight” rating and set a $97.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. Morgan Stanley upped their target price on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Oppenheimer reiterated an “outperform” rating and set a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Finally, Robert W. Baird upped their price objective on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.55.

Crinetics Pharmaceuticals Trading Down 1.8 %

Shares of CRNX stock opened at $52.99 on Monday. The firm has a fifty day simple moving average of $52.26 and a two-hundred day simple moving average of $47.79. Crinetics Pharmaceuticals has a 12 month low of $25.35 and a 12 month high of $55.78. The firm has a market capitalization of $4.24 billion, a PE ratio of -14.02 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The firm had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. During the same period in the previous year, the firm posted ($0.94) earnings per share. Crinetics Pharmaceuticals’s quarterly revenue was down 59.6% compared to the same quarter last year. On average, equities analysts predict that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $48.55, for a total value of $145,650.00. Following the completion of the transaction, the insider now directly owns 78,611 shares of the company’s stock, valued at approximately $3,816,564.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 9,500 shares of Crinetics Pharmaceuticals stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $45.73, for a total transaction of $434,435.00. Following the completion of the transaction, the insider now owns 27,786 shares of the company’s stock, valued at approximately $1,270,653.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $48.55, for a total transaction of $145,650.00. Following the completion of the transaction, the insider now owns 78,611 shares of the company’s stock, valued at $3,816,564.05. The disclosure for this sale can be found here. Insiders have sold a total of 168,051 shares of company stock valued at $8,259,664 over the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of CRNX. AQR Capital Management LLC grew its position in shares of Crinetics Pharmaceuticals by 3.3% during the 2nd quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock valued at $319,000 after purchasing an additional 227 shares in the last quarter. Amalgamated Bank boosted its stake in Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after buying an additional 464 shares during the period. Comerica Bank purchased a new position in Crinetics Pharmaceuticals during the first quarter worth about $33,000. Hennion & Walsh Asset Management Inc. increased its stake in Crinetics Pharmaceuticals by 2.5% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company’s stock worth $1,783,000 after acquiring an additional 927 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $42,000. 98.51% of the stock is currently 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.