HC Wainwright Boosts Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $69.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target boosted by analysts at HC Wainwright from $60.00 to $69.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target would suggest a potential upside of 44.84% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Morgan Stanley boosted their price objective on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Robert W. Baird boosted their target price on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, May 23rd. JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. Cantor Fitzgerald restated an “overweight” rating and set a $65.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, May 14th. Finally, Oppenheimer restated an “outperform” rating and set a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $64.75.

Crinetics Pharmaceuticals Stock Down 6.1 %

NASDAQ CRNX traded down $3.10 during trading on Friday, hitting $47.64. The stock had a trading volume of 944,051 shares, compared to its average volume of 832,986. The company has a market capitalization of $3.76 billion, a PE ratio of -12.60 and a beta of 0.68. The firm has a 50 day moving average price of $48.44 and a 200 day moving average price of $44.95. Crinetics Pharmaceuticals has a twelve month low of $15.76 and a twelve month high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The firm had revenue of $0.40 million during the quarter, compared to analyst estimates of $0.47 million. During the same period in the previous year, the company posted ($0.94) earnings per share. The business’s quarterly revenue was down 59.6% on a year-over-year basis. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -3.54 earnings per share for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $47.49, for a total value of $142,470.00. Following the completion of the transaction, the insider now owns 86,643 shares of the company’s stock, valued at $4,114,676.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $47.49, for a total value of $142,470.00. Following the completion of the transaction, the insider now owns 86,643 shares of the company’s stock, valued at $4,114,676.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jeff E. Knight sold 956 shares of the stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.38, for a total value of $42,427.28. Following the completion of the transaction, the chief operating officer now directly owns 52,580 shares of the company’s stock, valued at approximately $2,333,500.40. The disclosure for this sale can be found here. Insiders sold 170,016 shares of company stock valued at $8,320,842 over the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in CRNX. Comerica Bank bought a new position in Crinetics Pharmaceuticals in the 1st quarter worth approximately $33,000. Quarry LP bought a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $36,000. Quest Partners LLC bought a new position in Crinetics Pharmaceuticals in the 2nd quarter worth approximately $42,000. AJOVista LLC bought a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $58,000. Finally, Oppenheimer Asset Management Inc. bought a new position in Crinetics Pharmaceuticals in the 1st quarter worth approximately $200,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

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.