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

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price lifted by research analysts at HC Wainwright from $69.00 to $81.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price target suggests a potential upside of 36.43% from the company’s previous close.

A number of other research analysts have also recently commented on CRNX. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Oppenheimer restated an “outperform” rating and set a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Finally, JMP Securities restated a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $69.64.

Crinetics Pharmaceuticals Trading Up 1.0 %

Shares of CRNX stock traded up $0.59 during trading on Wednesday, hitting $59.37. The company’s stock had a trading volume of 712,256 shares, compared to its average volume of 782,548. Crinetics Pharmaceuticals has a 52 week low of $27.55 and a 52 week high of $62.00. The company has a market cap of $4.75 billion, a PE ratio of -16.01 and a beta of 0.62. The business has a fifty day moving average of $54.58 and a 200-day moving average of $51.04.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter last year, the firm earned ($1.01) EPS. As a group, research analysts predict that Crinetics Pharmaceuticals will post -3.72 EPS for the current year.

Insider Activity

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 1,035 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the sale, the insider now owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $5,677,912.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephen F. Betz sold 1,035 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the sale, the insider now directly owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,410 shares of company stock worth $2,275,929. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several large investors have recently modified their holdings of CRNX. Advantage Alpha Capital Partners LP acquired a new stake in Crinetics Pharmaceuticals in the third quarter valued at approximately $442,000. FMR LLC increased its position in shares of Crinetics Pharmaceuticals by 8.8% during the third quarter. FMR LLC now owns 4,455,770 shares of the company’s stock worth $227,690,000 after purchasing an additional 358,975 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Crinetics Pharmaceuticals by 2.3% in the third quarter. The Manufacturers Life Insurance Company now owns 134,087 shares of the company’s stock valued at $6,852,000 after acquiring an additional 3,024 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 8.4% in the third quarter. Fisher Asset Management LLC now owns 482,099 shares of the company’s stock valued at $24,635,000 after buying an additional 37,429 shares during the last quarter. Finally, Algert Global LLC raised its stake in Crinetics Pharmaceuticals by 2.6% during the 3rd quarter. Algert Global LLC now owns 42,777 shares of the company’s stock valued at $2,186,000 after acquiring an additional 1,070 shares during the last quarter. Institutional investors and hedge funds 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.