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

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

CRNX has been the topic of several other research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Citigroup increased their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, JMP Securities reissued a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $74.40.

Crinetics Pharmaceuticals Stock Down 8.6 %

NASDAQ:CRNX opened at $35.62 on Monday. The company has a 50 day simple moving average of $54.68 and a two-hundred day simple moving average of $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 issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the prior year, the company earned ($1.01) earnings per share. As a group, equities analysts forecast that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the transaction, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CRNX. AQR Capital Management LLC raised its position in Crinetics Pharmaceuticals by 3.3% during the second 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 during the period. US Bancorp DE increased its position in shares of Crinetics Pharmaceuticals by 3.4% during the 3rd quarter. US Bancorp DE now owns 11,488 shares of the company’s stock valued at $587,000 after purchasing an additional 373 shares during the last quarter. KBC Group NV raised its holdings in Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after buying an additional 407 shares during the period. Amalgamated Bank lifted its position in Crinetics Pharmaceuticals by 20.8% in the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after buying an additional 464 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Crinetics Pharmaceuticals by 2.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock worth $1,054,000 after buying an additional 505 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

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.