Crinetics Pharmaceuticals’ (CRNX) Buy Rating Reaffirmed at HC Wainwright

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a report released on Thursday, Benzinga reports. They currently have a $60.00 target price on the stock. HC Wainwright’s price objective would indicate a potential upside of 18.72% from the company’s current price.

A number of other equities analysts have also recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $65.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. Jonestrading lifted their price target on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Robert W. Baird lifted their price target on shares of Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Piper Sandler lifted their price target on shares of Crinetics Pharmaceuticals from $56.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Finally, Citigroup started coverage on shares of Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They issued a “buy” rating and a $68.00 target price for the company. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $58.42.

Crinetics Pharmaceuticals Stock Up 2.1 %

Shares of CRNX opened at $50.54 on Thursday. Crinetics Pharmaceuticals has a 52-week low of $15.76 and a 52-week high of $53.70. The company has a 50-day simple moving average of $45.79 and a 200-day simple moving average of $39.21. The company has a market capitalization of $3.99 billion, a PE ratio of -13.37 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.09). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 42.50%. The company had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.20 million. During the same quarter last year, the business earned ($0.85) EPS. The firm’s revenue for the quarter was down 76.1% on a year-over-year basis. On average, research analysts anticipate that Crinetics Pharmaceuticals will post -3.52 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.43, for a total transaction of $148,290.00. Following the completion of the transaction, the insider now owns 89,643 shares in the company, valued at $4,431,053.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 6,942 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total value of $297,881.22. Following the transaction, the chief financial officer now owns 110,630 shares of the company’s stock, valued at $4,747,133.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $49.43, for a total value of $148,290.00. Following the sale, the insider now owns 89,643 shares of the company’s stock, valued at approximately $4,431,053.49. The disclosure for this sale can be found here. Over the last quarter, insiders sold 297,664 shares of company stock worth $13,965,618. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Comerica Bank purchased a new stake in Crinetics Pharmaceuticals during the first quarter valued at about $33,000. Quarry LP acquired a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $36,000. AJOVista LLC purchased a new position in Crinetics Pharmaceuticals during the 4th quarter worth approximately $58,000. HighMark Wealth Management LLC acquired a new stake in Crinetics Pharmaceuticals during the 4th quarter valued at $151,000. Finally, Amalgamated Bank boosted its position in shares of Crinetics Pharmaceuticals by 10.4% in the third quarter. Amalgamated Bank now owns 6,298 shares of the company’s stock worth $187,000 after buying an additional 592 shares during the period. 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.