Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $81.00 at HC Wainwright

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price upped by stock analysts at HC Wainwright from $69.00 to $81.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price target suggests a potential upside of 35.77% from the company’s previous close.

CRNX has been the topic of a number of other reports. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Oppenheimer restated an “outperform” rating and set a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus 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. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of -15.99 and a beta of 0.62. Crinetics Pharmaceuticals has a fifty-two week low of $27.55 and a fifty-two week high of $62.53. The firm’s 50-day simple moving average is $54.88 and its 200 day simple moving average is $51.15.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the prior year, the company posted ($1.01) earnings per share. On average, sell-side analysts predict that Crinetics Pharmaceuticals will post -3.72 EPS for the current year.

Insider Buying and Selling

In related news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total value of $785,306.25. Following the sale, the insider now directly owns 28,507 shares in the company, valued at approximately $1,557,337.41. The trade was a 33.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the transaction, the insider now owns 68,576 shares of the company’s stock, valued at $3,531,664. This represents a 1.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,410 shares of company stock valued at $2,275,929. 6.00% of the stock is owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC raised its holdings in Crinetics Pharmaceuticals by 264.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock valued at $92,526,000 after acquiring an additional 1,434,909 shares during the period. Artal Group S.A. bought a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter valued at $65,088,000. Driehaus Capital Management LLC lifted its holdings in Crinetics Pharmaceuticals by 17.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after purchasing an additional 885,876 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Crinetics Pharmaceuticals by 27.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after purchasing an additional 814,360 shares during the period. Finally, Farallon Capital Management LLC boosted its stake in Crinetics Pharmaceuticals by 9,840.0% in the 2nd quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock worth $22,261,000 after purchasing an additional 492,000 shares during the period. 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.