Crinetics Pharmaceuticals (NASDAQ:CRNX) Receives “Overweight” Rating from Piper Sandler

Piper Sandler restated their overweight rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $97.00 price target on the stock.

Other analysts have also recently issued reports about the company. HC Wainwright reissued a buy rating and issued a $60.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, June 28th. Cantor Fitzgerald reiterated an overweight rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. Jonestrading increased their price objective on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a buy rating in a research note on Wednesday, March 20th. Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an outperform rating in a report on Thursday, May 23rd. Finally, Oppenheimer raised their price objective on Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the stock an outperform rating in a report on Tuesday, June 4th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $62.50.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $43.83 on Tuesday. Crinetics Pharmaceuticals has a 1-year low of $15.76 and a 1-year high of $53.70. The company’s 50-day moving average is $46.52 and its two-hundred day moving average is $42.30. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of -11.60 and a beta of 0.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The business had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.20 million. Crinetics Pharmaceuticals’s revenue for the quarter was down 76.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.85) EPS. As a group, equities analysts anticipate that Crinetics Pharmaceuticals will post -3.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 956 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total value of $42,427.28. Following the sale, the chief operating officer now owns 52,580 shares of the company’s stock, valued at approximately $2,333,500.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $44.47, for a total value of $639,256.25. Following the sale, the insider now directly owns 27,786 shares in the company, valued at approximately $1,235,643.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jeff E. Knight sold 956 shares of the business’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total value of $42,427.28. Following the sale, the chief operating officer now directly owns 52,580 shares in the company, valued at $2,333,500.40. The disclosure for this sale can be found here. Insiders have sold 202,783 shares of company stock worth $9,562,442 over the last quarter. 6.00% of the stock is owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC grew its stake in Crinetics Pharmaceuticals by 264.1% in the first quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock valued at $92,526,000 after purchasing an additional 1,434,909 shares in the last quarter. Artal Group S.A. acquired a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter valued at about $65,088,000. Jennison Associates LLC boosted its stake in Crinetics Pharmaceuticals by 77.7% in the 4th quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock valued at $90,647,000 after buying an additional 1,113,992 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Crinetics Pharmaceuticals by 27.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after buying an additional 814,360 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Crinetics Pharmaceuticals by 24.7% during the 3rd quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company’s stock valued at $101,325,000 after purchasing an additional 674,301 shares in the last quarter. 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.