Crinetics Pharmaceuticals (NASDAQ:CRNX) Given “Buy” Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research report released on Friday, Benzinga reports. HC Wainwright currently has a $60.00 price target on the stock.

A number of other brokerages have also weighed in on CRNX. Jonestrading lifted their price objective on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a buy rating in a report on Wednesday, March 20th. Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an outperform rating in a research note on Thursday, May 23rd. JMP Securities reiterated a market outperform rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Citigroup began coverage on Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They issued a buy rating and a $68.00 target price for the company. Finally, Piper Sandler upped their price target on shares of Crinetics Pharmaceuticals from $56.00 to $97.00 and gave the stock an overweight rating in a research note on Tuesday, May 7th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $62.50.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $44.79 on Friday. The business has a 50 day simple moving average of $46.36 and a 200-day simple moving average of $41.94. Crinetics Pharmaceuticals has a 12 month low of $15.76 and a 12 month high of $53.70. The stock has a market capitalization of $3.53 billion, a PE ratio of -11.85 and a beta of 0.64.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The firm had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.20 million. Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. The firm’s quarterly revenue was down 76.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.85) EPS. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals will post -3.53 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.43, for a total value of $148,290.00. Following the sale, the insider now owns 89,643 shares of the company’s stock, valued at $4,431,053.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $49.43, for a total transaction of $148,290.00. Following the completion of the transaction, the insider now owns 89,643 shares of the company’s stock, valued at $4,431,053.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard Scott Struthers sold 40,951 shares of the business’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total value of $2,013,560.67. Following the completion of the transaction, the chief executive officer now directly owns 237,835 shares of the company’s stock, valued at $11,694,346.95. The disclosure for this sale can be found here. In the last three months, insiders sold 197,230 shares of company stock worth $9,529,850. 6.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Comerica Bank acquired a new stake in Crinetics Pharmaceuticals during the first quarter worth approximately $33,000. Quarry LP purchased a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth $36,000. AJOVista LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth $58,000. HighMark Wealth Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at $151,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in Crinetics Pharmaceuticals in the first quarter valued at $200,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

About Crinetics Pharmaceuticals

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.