Analysts Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Target Price at $81.00

by · The Markets Daily

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Free Report) has earned an average rating of “Hold” from the seventeen ratings firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $81.00.

Several research firms have recently weighed in on CRNX. HC Wainwright downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and raised their target price for the company from $81.00 to $85.00 in a research report on Tuesday, July 7th. Piper Sandler cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Wall Street Zen raised Crinetics Pharmaceuticals to a “hold” rating in a research note on Saturday, September 5th. Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 7th. Finally, Lifesci Capital cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th.

View Our Latest Analysis on CRNX

Crinetics Pharmaceuticals Price Performance

CRNX stock opened at $84.95 on Friday. Crinetics Pharmaceuticals has a 52 week low of $30.25 and a 52 week high of $85.01. The firm has a 50-day simple moving average of $84.46 and a 200-day simple moving average of $55.75. The stock has a market capitalization of $9.01 billion, a P/E ratio of -16.86 and a beta of 0.08.

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The firm had revenue of $25.12 million for the quarter, compared to analyst estimates of $14.84 million. During the same period last year, the company posted ($1.23) EPS. Crinetics Pharmaceuticals’s quarterly revenue was up 2336.9% compared to the same quarter last year. On average, analysts expect that Crinetics Pharmaceuticals will post -4.83 earnings per share for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, Director Coelho Vivaldi sold 3,000 shares of the business’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the transaction, the director directly owned 19,225 shares in the company, valued at approximately $769,000. The trade was a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $365,179,000. Jupiter Topco LLC purchased a new position in Crinetics Pharmaceuticals during the second quarter worth approximately $170,509,000. Janus Henderson Group PLC lifted its position in Crinetics Pharmaceuticals by 1.8% during the first quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock worth $164,227,000 after buying an additional 79,560 shares in the last quarter. Baker BROS. Advisors LP boosted its stake in Crinetics Pharmaceuticals by 488.9% during the fourth quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock worth $76,755,000 after buying an additional 1,368,869 shares during the last quarter. Finally, Siren L.L.C. boosted its stake in Crinetics Pharmaceuticals by 26.3% during the first quarter. Siren L.L.C. now owns 1,903,636 shares of the company’s stock worth $69,140,000 after buying an additional 396,000 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Company Profile

(Get Free Report)

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing orally delivered, nonpeptide therapies for endocrine diseases and other conditions with significant unmet medical needs. The company’s research platform is designed to create selective small-molecule medicines that can act on clinically important hormone receptors.

Crinetics’ lead product candidate is paltusotine, an oral somatostatin receptor type 2 agonist being developed for endocrine disorders including acromegaly and carcinoid syndrome.

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