Crinetics Pharmaceuticals’ (CRNX) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler restated their overweight rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a $97.00 price objective on the stock.

Several other brokerages have also issued reports on CRNX. Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an outperform rating in a research note on Thursday, May 23rd. Citigroup started coverage on Crinetics Pharmaceuticals in a research note on Wednesday, March 6th. They issued a buy rating and a $68.00 target price for the company. HC Wainwright reaffirmed a buy rating and issued a $60.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, June 28th. JMP Securities reiterated a market outperform rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Finally, Cantor Fitzgerald restated an overweight rating and set a $65.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $62.50.

Crinetics Pharmaceuticals Trading Down 2.9 %

Shares of NASDAQ CRNX opened at $44.20 on Tuesday. The business has a 50-day moving average of $46.49 and a 200-day moving average of $42.23. The firm has a market capitalization of $3.49 billion, a price-to-earnings ratio of -11.69 and a beta of 0.68. Crinetics Pharmaceuticals has a 12 month low of $15.76 and a 12 month high of $53.70.

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

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 32,129 shares of the business’s 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 directly owns 111,092 shares of the company’s stock, valued at $4,844,722.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.43, for a total value of $148,290.00. Following the completion of the sale, the insider now directly owns 89,643 shares in the company, valued at $4,431,053.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 111,092 shares in the company, valued at $4,844,722.12. The disclosure for this sale can be found here. Insiders sold 188,408 shares of company stock valued at $8,917,435 in the last 90 days. Insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Alps Advisors Inc. lifted its position in Crinetics Pharmaceuticals by 1.6% during the third quarter. Alps Advisors Inc. now owns 40,328 shares of the company’s stock valued at $1,199,000 after buying an additional 618 shares during the period. Comerica Bank bought a new stake in Crinetics Pharmaceuticals during the first quarter worth about $33,000. Hennion & Walsh Asset Management Inc. grew its holdings in Crinetics Pharmaceuticals by 2.5% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company’s stock worth $1,783,000 after purchasing an additional 927 shares during the period. Quarry LP bought a new position in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $36,000. Finally, AJOVista LLC bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $58,000. 98.51% of the stock is currently owned by 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.