Crinetics Pharmaceuticals’ (CRNX) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research note issued to investors on Monday,Benzinga reports. They currently have a $81.00 price target on the stock.

A number of other brokerages also recently commented on CRNX. Citigroup lifted their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, JMP Securities reissued a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $74.40.

Crinetics Pharmaceuticals Stock Up 3.1 %

Shares of NASDAQ CRNX opened at $36.73 on Monday. The firm has a 50-day simple moving average of $53.79 and a 200-day simple moving average of $53.11. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of -9.85 and a beta of 0.60. Crinetics Pharmaceuticals has a 52 week low of $35.24 and a 52 week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data 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 in the prior year, the business posted ($1.01) EPS. As a group, equities research analysts expect that Crinetics Pharmaceuticals will post -3.75 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 501 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the completion of the transaction, the chief operating officer now owns 51,653 shares of the company’s stock, valued at approximately $2,919,427.56. This trade represents a 0.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Sanders Morris Harris LLC grew its stake in shares of Crinetics Pharmaceuticals by 13.4% in the fourth quarter. Sanders Morris Harris LLC now owns 21,100 shares of the company’s stock valued at $1,079,000 after buying an additional 2,500 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Crinetics Pharmaceuticals by 0.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 285,956 shares of the company’s stock valued at $14,612,000 after acquiring an additional 894 shares during the period. Principal Financial Group Inc. grew its position in Crinetics Pharmaceuticals by 488.5% in the 3rd quarter. Principal Financial Group Inc. now owns 77,709 shares of the company’s stock valued at $3,971,000 after acquiring an additional 64,504 shares in the last quarter. Franklin Resources Inc. increased its stake in Crinetics Pharmaceuticals by 61.4% during the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after purchasing an additional 528,688 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 10.1% during the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after purchasing an additional 169,746 shares in the last quarter. 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.