Crinetics Pharmaceuticals (NASDAQ:CRNX) Rating Reiterated by Cantor Fitzgerald

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “overweight” rating reiterated by analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $90.00 price target on the stock. Cantor Fitzgerald’s target price points to a potential upside of 69.84% from the stock’s previous close.

Several other analysts have also weighed in on CRNX. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. Oppenheimer restated an “outperform” rating and issued a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Robert W. Baird lifted their price target on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, May 23rd. JPMorgan Chase & Co. increased their price objective on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Finally, HC Wainwright boosted their target price on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.55.

Crinetics Pharmaceuticals Stock Down 1.8 %

Shares of Crinetics Pharmaceuticals stock opened at $52.99 on Monday. The firm’s 50-day moving average price is $52.26 and its two-hundred day moving average price is $47.79. The company has a market capitalization of $4.24 billion, a price-to-earnings ratio of -14.02 and a beta of 0.63. Crinetics Pharmaceuticals has a 12-month low of $25.35 and a 12-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 the consensus estimate of ($0.86) by ($0.08). The business had revenue of $0.40 million for the quarter, compared to analyst estimates of $0.47 million. Crinetics Pharmaceuticals’s quarterly revenue was down 59.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.94) EPS. On average, sell-side analysts expect that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider James Hassard sold 15,000 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $44.66, for a total value of $669,900.00. Following the completion of the sale, the insider now directly owns 29,259 shares in the company, valued at $1,306,706.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Stephen F. Betz sold 1,035 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total value of $53,302.50. Following the transaction, the insider now directly owns 68,576 shares of the company’s stock, valued at $3,531,664. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider James Hassard sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $44.66, for a total value of $669,900.00. Following the completion of the sale, the insider now owns 29,259 shares in the company, valued at $1,306,706.94. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,051 shares of company stock worth $8,259,664. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Comerica Bank acquired a new position in shares of Crinetics Pharmaceuticals in the 1st quarter valued at about $33,000. Quarry LP bought a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth approximately $36,000. Quest Partners LLC bought a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter worth approximately $42,000. Amalgamated Bank increased its stake in shares of Crinetics Pharmaceuticals by 20.8% in the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after acquiring an additional 464 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Crinetics Pharmaceuticals during the 1st quarter valued at $200,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.