Crinetics Pharmaceuticals (NASDAQ:CRNX) Rating Reiterated by Oppenheimer

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “outperform” rating reissued by analysts at Oppenheimer in a note issued to investors on Friday, Benzinga reports. They presently have a $73.00 target price on the stock, down from their prior target price of $74.00. Oppenheimer’s target price would indicate a potential upside of 53.23% from the stock’s previous close.

Several other research firms also recently weighed in on CRNX. JPMorgan Chase & Co. raised their price target on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Piper Sandler reissued an “overweight” rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday, May 14th. Robert W. Baird lifted their price target on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. Finally, Morgan Stanley boosted their price objective 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 given a buy rating to the company. According to MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $64.75.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX traded down $3.10 during trading hours on Friday, reaching $47.64. The company’s stock had a trading volume of 965,885 shares, compared to its average volume of 833,317. The company’s 50-day moving average is $48.51 and its two-hundred day moving average is $45.14. Crinetics Pharmaceuticals has a fifty-two week low of $15.76 and a fifty-two week high of $55.78. The stock has a market cap of $3.76 billion, a PE ratio of -12.60 and a beta of 0.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The firm had revenue of $0.40 million for the quarter, compared to analyst estimates of $0.47 million. During the same quarter in the previous year, the company earned ($0.94) EPS. Crinetics Pharmaceuticals’s revenue was down 59.6% on a year-over-year basis. Equities analysts expect that Crinetics Pharmaceuticals will post -3.54 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, CFO Marc Wilson sold 32,129 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $43.61, for a total value of $1,401,145.69. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $4,844,722.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Dana Pizzuti sold 9,500 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $45.73, for a total transaction of $434,435.00. Following the transaction, the insider now directly owns 27,786 shares of the company’s stock, valued at $1,270,653.78. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the completion of the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at $4,844,722.12. The disclosure for this sale can be found here. Insiders sold 170,016 shares of company stock valued at $8,320,842 over the last 90 days. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRNX. Price T Rowe Associates Inc. MD grew its position in shares of Crinetics Pharmaceuticals by 27.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after buying an additional 814,360 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Crinetics Pharmaceuticals by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after purchasing an additional 72,624 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Crinetics Pharmaceuticals by 10.6% in the 1st quarter. Jennison Associates LLC now owns 2,817,854 shares of the company’s stock valued at $131,904,000 after purchasing an additional 270,171 shares in the last quarter. First Light Asset Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 25.5% during the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock worth $70,725,000 after purchasing an additional 404,443 shares during the last quarter. Finally, 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 worth $92,526,000 after purchasing an additional 1,434,909 shares in the last quarter. 98.51% of the stock is 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.