Crinetics Pharmaceuticals (NASDAQ:CRNX) Trading 4.1% Higher After Analyst Upgrade

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s share price traded up 4.1% on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $47.00 to $54.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Crinetics Pharmaceuticals traded as high as $47.31 and last traded at $47.24. 152,371 shares were traded during mid-day trading, a decline of 82% from the average session volume of 844,259 shares. The stock had previously closed at $45.37.

A number of other research analysts have also weighed in on CRNX. JMP Securities reissued a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Jonestrading raised their price target on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Piper Sandler reissued an “overweight” rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. HC Wainwright reissued a “buy” rating and set a $60.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 28th. Finally, Morgan Stanley raised their price target on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $64.08.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.43, for a total value of $148,290.00. Following the completion of the transaction, the insider now owns 89,643 shares in the company, valued at $4,431,053.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Jeff E. Knight sold 956 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $44.38, for a total transaction of $42,427.28. Following the completion of the transaction, the chief operating officer now owns 52,580 shares of the company’s stock, valued at $2,333,500.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $49.43, for a total transaction of $148,290.00. Following the transaction, the insider now directly owns 89,643 shares of the company’s stock, valued at approximately $4,431,053.49. The disclosure for this sale can be found here. Insiders sold 202,783 shares of company stock worth $9,562,442 over the last quarter. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently bought and sold shares of CRNX. Artal Group S.A. bought a new stake in Crinetics Pharmaceuticals during the first quarter valued at approximately $65,088,000. Comerica Bank bought a new stake in Crinetics Pharmaceuticals during the first quarter valued at approximately $33,000. California State Teachers Retirement System lifted its position in Crinetics Pharmaceuticals by 11.1% during the first quarter. California State Teachers Retirement System now owns 64,292 shares of the company’s stock valued at $3,010,000 after purchasing an additional 6,421 shares during the last quarter. AWM Investment Company Inc. lifted its position in Crinetics Pharmaceuticals by 10.0% during the first quarter. AWM Investment Company Inc. now owns 55,000 shares of the company’s stock valued at $2,575,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in Crinetics Pharmaceuticals by 264.1% during 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 during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Up 4.6 %

The firm has a market capitalization of $3.74 billion, a P/E ratio of -12.40 and a beta of 0.68. The firm’s 50-day simple moving average is $46.55 and its 200-day simple moving average is $42.47.

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

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.