Crinetics Pharmaceuticals (NASDAQ:CRNX) Receives “Buy” Rating from HC Wainwright

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

Other analysts also recently issued reports about the stock. Citigroup upped their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $74.40.

Crinetics Pharmaceuticals Stock Down 4.0 %

CRNX stock opened at $38.98 on Monday. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of -10.45 and a beta of 0.60. Crinetics Pharmaceuticals has a 12 month low of $35.24 and a 12 month high of $62.53. The firm has a 50 day moving average of $55.04 and a two-hundred day moving average of $53.32.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the prior year, the company earned ($1.01) EPS. On average, research analysts expect that Crinetics Pharmaceuticals will post -3.75 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 501 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the transaction, the chief operating officer now owns 51,653 shares in the company, valued at approximately $2,919,427.56. This represents a 0.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently made changes to their positions in CRNX. Quest Partners LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter worth about $42,000. Values First Advisors Inc. acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth about $84,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth about $91,000. KBC Group NV increased its position in shares of Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after purchasing an additional 407 shares in the last quarter. Finally, Amalgamated Bank increased its position in shares of Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after purchasing an additional 464 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.