Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $97.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price upped by Piper Sandler from $56.00 to $97.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 108.60% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Robert W. Baird lifted their price target on shares of Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Citigroup initiated coverage on Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They issued a “buy” rating and a $68.00 price objective for the company. Morgan Stanley began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, January 16th. They issued an “overweight” rating and a $50.00 target price for the company. Cantor Fitzgerald upped their price target on shares of Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Finally, HC Wainwright reiterated a “buy” rating and issued a $50.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 19th. 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, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $57.58.

Crinetics Pharmaceuticals Trading Down 1.5 %

Shares of Crinetics Pharmaceuticals stock opened at $46.50 on Tuesday. The business’s fifty day simple moving average is $43.99 and its 200 day simple moving average is $37.54. Crinetics Pharmaceuticals has a 12 month low of $15.76 and a 12 month high of $49.58. The firm has a market capitalization of $3.66 billion, a P/E ratio of -12.57 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Wednesday, February 28th. The company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. The business’s revenue was down 100.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.84) EPS. Analysts predict that Crinetics Pharmaceuticals will post -3.34 EPS for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 6,942 shares of the firm’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total transaction of $297,881.22. Following the sale, the chief financial officer now owns 110,630 shares in the company, valued at approximately $4,747,133.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CFO Marc Wilson sold 6,942 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total value of $297,881.22. Following the completion of the transaction, the chief financial officer now directly owns 110,630 shares in the company, valued at approximately $4,747,133.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dana Pizzuti sold 15,089 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $44.06, for a total value of $664,821.34. Following the transaction, the insider now owns 27,786 shares in the company, valued at $1,224,251.16. The disclosure for this sale can be found here. Insiders have sold 187,216 shares of company stock valued at $8,509,397 over the last three months. 7.00% of the stock is owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the stock. Amalgamated Bank increased its stake in shares of Crinetics Pharmaceuticals by 10.4% in the third quarter. Amalgamated Bank now owns 6,298 shares of the company’s stock worth $187,000 after buying an additional 592 shares during the period. Alps Advisors Inc. increased its position in shares of Crinetics Pharmaceuticals by 1.6% in the third quarter. Alps Advisors Inc. now owns 40,328 shares of the company’s stock valued at $1,199,000 after acquiring an additional 618 shares during the period. China Universal Asset Management Co. Ltd. raised its stake in shares of Crinetics Pharmaceuticals by 98.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,403 shares of the company’s stock valued at $42,000 after acquiring an additional 695 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of Crinetics Pharmaceuticals by 2.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company’s stock valued at $1,783,000 after acquiring an additional 927 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth about $36,000. Hedge funds and other institutional investors 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.