Cantor Fitzgerald Reaffirms Overweight Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

by · The Cerbat Gem

Cantor Fitzgerald reissued their overweight rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX – Free Report) in a research note issued to investors on Monday morning, Benzinga reports. They currently have a $90.00 price target on the stock.

A number of other equities research analysts also recently weighed in on CRNX. Piper Sandler reaffirmed an overweight rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. JPMorgan Chase & Co. raised their price objective on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an overweight rating in a research report on Tuesday, July 9th. Morgan Stanley boosted their target price on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an overweight rating in a research report on Thursday, May 23rd. JMP Securities restated a market outperform rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. Finally, HC Wainwright upped their price objective on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a buy rating in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $68.55.

Check Out Our Latest Stock Report on CRNX

Crinetics Pharmaceuticals Trading Up 2.1 %

Shares of CRNX stock opened at $53.88 on Monday. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of -14.25 and a beta of 0.63. Crinetics Pharmaceuticals has a 1-year low of $25.35 and a 1-year high of $55.78. The stock’s fifty day simple moving average is $52.39 and its 200-day simple moving average is $47.87.

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The business had revenue of $0.40 million during the quarter, compared to the consensus estimate of $0.47 million. During the same quarter in the previous year, the business posted ($0.94) earnings per share. Crinetics Pharmaceuticals’s quarterly revenue was down 59.6% on a year-over-year basis. On average, sell-side analysts predict that Crinetics Pharmaceuticals will post -3.72 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 9,500 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $45.73, for a total value of $434,435.00. Following the transaction, the insider now directly owns 27,786 shares of the company’s stock, valued at approximately $1,270,653.78. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Dana Pizzuti sold 9,500 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $45.73, for a total transaction of $434,435.00. Following the completion of the transaction, the insider now owns 27,786 shares of the company’s stock, valued at $1,270,653.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, June 28th. The stock was 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 a total of 153,051 shares of company stock worth $7,589,764 in the last 90 days. 6.00% of the stock is owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors have recently modified their holdings of CRNX. Russell Investments Group Ltd. lifted its position in Crinetics Pharmaceuticals by 366,571.4% in the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock worth $2,403,000 after purchasing an additional 51,320 shares during the period. Swiss National Bank boosted its position in shares of Crinetics Pharmaceuticals by 21.4% during the 1st quarter. Swiss National Bank now owns 126,500 shares of the company’s stock valued at $5,921,000 after acquiring an additional 22,300 shares in the last quarter. Vanguard Group Inc. increased its stake in Crinetics Pharmaceuticals by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after acquiring an additional 72,624 shares during the period. First Light Asset Management LLC increased its stake in Crinetics Pharmaceuticals by 25.5% in the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock valued at $70,725,000 after acquiring an additional 404,443 shares during the period. Finally, SG Americas Securities LLC raised its position in Crinetics Pharmaceuticals by 1,224.8% in the second quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock worth $3,541,000 after purchasing an additional 73,084 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

(Get Free Report)

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.

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