Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $81.00 at HC Wainwright

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target raised by stock analysts at HC Wainwright from $69.00 to $81.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 36.43% from the stock’s current price.

A number of other research analysts have also recently weighed in on CRNX. Oppenheimer reissued an “outperform” rating and set a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $69.64.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX traded up $0.59 during mid-day trading on Wednesday, reaching $59.37. The company’s stock had a trading volume of 712,256 shares, compared to its average volume of 782,548. The stock has a market cap of $4.75 billion, a PE ratio of -16.01 and a beta of 0.62. Crinetics Pharmaceuticals has a 12-month low of $27.55 and a 12-month high of $62.00. The company’s 50 day moving average is $54.58 and its 200 day moving average is $51.04.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter last year, the firm earned ($1.01) EPS. As a group, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -3.72 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the transaction, the insider now directly owns 68,576 shares in the company, valued at $3,531,664. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total value of $785,306.25. Following the sale, the insider now owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen F. Betz sold 1,035 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the sale, the insider now directly owns 68,576 shares in the company, valued at $3,531,664. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,410 shares of company stock valued at $2,275,929. 6.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CRNX. Janus Henderson Group PLC boosted its holdings in shares of Crinetics Pharmaceuticals by 264.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock valued at $92,526,000 after purchasing an additional 1,434,909 shares in the last quarter. Artal Group S.A. bought a new stake in shares of Crinetics Pharmaceuticals in the first quarter worth $65,088,000. Driehaus Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after buying an additional 885,876 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Crinetics Pharmaceuticals by 27.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after purchasing an additional 814,360 shares during the period. Finally, Farallon Capital Management LLC lifted its holdings in Crinetics Pharmaceuticals by 9,840.0% in the second quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock valued at $22,261,000 after buying an additional 492,000 shares during the period. Institutional investors and hedge funds 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.