Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $80.00

by · The Cerbat Gem

Crinetics Pharmaceuticals (NASDAQ:CRNX – Free Report) had its price objective lifted by Morgan Stanley from $77.00 to $80.00 in a research note published on Tuesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other analysts have also recently commented on CRNX. Citizens Jmp dropped their price target on Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating on the stock in a research report on Friday, November 7th. The Goldman Sachs Group lifted their price objective on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, September 26th. Leerink Partners boosted their target price on Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a report on Monday, September 29th. JMP Securities increased their target price on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research note on Friday, September 26th. Finally, Robert W. Baird upped their price target on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, September 26th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.55.

Get Our Latest Stock Analysis on CRNX

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $53.24 on Tuesday. The firm’s 50-day moving average price is $45.96 and its 200-day moving average price is $38.36. The company has a market capitalization of $5.05 billion, a PE ratio of -11.75 and a beta of 0.20. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($1.38) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The company had revenue of $0.14 million for the quarter, compared to analyst estimates of $0.39 million. During the same quarter in the prior year, the firm earned ($0.96) earnings per share. Equities analysts anticipate that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Isabel Kalofonos sold 2,500 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $55.00, for a total transaction of $137,500.00. Following the sale, the insider owned 834 shares of the company’s stock, valued at $45,870. This trade represents a 74.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $42.66, for a total transaction of $213,300.00. Following the completion of the sale, the insider owned 66,270 shares of the company’s stock, valued at $2,827,078.20. This represents a 7.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC bought a new stake in Crinetics Pharmaceuticals in the 2nd quarter worth approximately $30,000. Farther Finance Advisors LLC boosted its stake in shares of Crinetics Pharmaceuticals by 523.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after buying an additional 707 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter worth $45,000. Penserra Capital Management LLC bought a new stake in shares of Crinetics Pharmaceuticals in the second quarter worth $48,000. Finally, Covestor Ltd grew its holdings in shares of Crinetics Pharmaceuticals by 23,983.3% in the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after acquiring an additional 1,439 shares during the period. Institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

(Get Free Report)

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.

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