Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price Expected to Rise, HC Wainwright Analyst Says

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target raised by HC Wainwright from $69.00 to $81.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 35.77% from the stock’s current price.

Several other equities research analysts also recently commented on CRNX. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. JMP Securities reiterated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Finally, Oppenheimer restated an “outperform” rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $70.18.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $59.66 on Wednesday. Crinetics Pharmaceuticals has a 52-week low of $27.55 and a 52-week high of $62.53. The company has a market capitalization of $4.77 billion, a PE ratio of -15.99 and a beta of 0.62. The company has a fifty day moving average of $54.88 and a 200-day moving average of $51.15.

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 quarter in the previous year, the company posted ($1.01) earnings per share. On average, equities analysts forecast that Crinetics Pharmaceuticals will post -3.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the transaction, the insider now directly owns 28,507 shares in the company, valued at approximately $1,557,337.41. This represents a 33.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen F. Betz sold 1,035 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the sale, the insider now directly owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. This trade represents a 1.49 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,410 shares of company stock worth $2,275,929. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vestal Point Capital LP bought a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter worth about $10,476,000. Martingale Asset Management L P acquired a new position in Crinetics Pharmaceuticals during the 3rd quarter worth approximately $1,128,000. PEAK6 Investments LLC boosted its holdings in Crinetics Pharmaceuticals by 25.0% in the third quarter. PEAK6 Investments LLC now owns 10,000 shares of the company’s stock worth $511,000 after acquiring an additional 2,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Crinetics Pharmaceuticals by 4.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 271,747 shares of the company’s stock valued at $13,886,000 after acquiring an additional 10,767 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of Crinetics Pharmaceuticals by 134.2% during the third quarter. BNP Paribas Financial Markets now owns 20,942 shares of the company’s stock valued at $1,070,000 after acquiring an additional 12,000 shares in the last quarter. 98.51% of the stock is owned by 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.