Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $62.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price objective raised by Robert W. Baird from $58.00 to $62.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Wednesday, September 24th. The Goldman Sachs Group assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They issued a “neutral” rating and a $36.00 price objective for the company. JMP Securities lowered their price objective on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating for the company in a research report on Monday, August 11th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $70.88.

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $45.91 on Friday. The firm has a 50 day moving average price of $31.78 and a 200 day moving average price of $31.45. The company has a market cap of $4.32 billion, a PE ratio of -11.17 and a beta of 0.28. Crinetics Pharmaceuticals has a 1 year low of $24.10 and a 1 year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.10). The company had revenue of $1.03 million for the quarter, compared to analysts’ expectations of $0.52 million. The business’s quarterly revenue was up 158.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.94) earnings per share. On average, sell-side analysts predict that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $30.43, for a total transaction of $912,900.00. Following the completion of the sale, the insider owned 66,270 shares of the company’s stock, valued at approximately $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of hedge funds have recently made changes to their positions in CRNX. State of Wyoming acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth approximately $50,000. Mackenzie Financial Corp lifted its stake in Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock worth $277,000 after purchasing an additional 440 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Crinetics Pharmaceuticals during the fourth quarter worth $17,117,000. California State Teachers Retirement System lifted its stake in Crinetics Pharmaceuticals by 18.8% during the fourth quarter. California State Teachers Retirement System now owns 76,264 shares of the company’s stock worth $3,899,000 after purchasing an additional 12,072 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in Crinetics Pharmaceuticals by 6,291.5% during the first quarter. GAMMA Investing LLC now owns 6,775 shares of the company’s stock worth $227,000 after purchasing an additional 6,669 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.