Crinetics Pharmaceuticals’ (CRNX) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a $60.00 price target on the stock.

A number of other equities analysts also recently weighed in on the company. JMP Securities reiterated a market outperform rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, May 10th. Robert W. Baird boosted their price target on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an outperform rating in a research note on Thursday, February 29th. Cantor Fitzgerald reissued an overweight rating and issued a $65.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, May 14th. Piper Sandler boosted their price target on Crinetics Pharmaceuticals from $56.00 to $97.00 and gave the company an overweight rating in a research note on Tuesday, May 7th. Finally, Citigroup started coverage on Crinetics Pharmaceuticals in a research note on Wednesday, March 6th. They issued a buy rating and a $68.00 price target for the company. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has an average rating of Moderate Buy and an average price target of $60.92.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX opened at $47.47 on Thursday. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -12.56 and a beta of 0.63. Crinetics Pharmaceuticals has a fifty-two week low of $15.76 and a fifty-two week high of $53.70. The business’s 50-day moving average is $46.17 and its 200-day moving average is $39.54.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results 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 business had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.20 million. Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 42.50%. Crinetics Pharmaceuticals’s revenue for the quarter was down 76.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.85) EPS. Equities research analysts expect that Crinetics Pharmaceuticals will post -3.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 6,942 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total transaction of $297,881.22. Following the completion of the sale, the chief financial officer now owns 110,630 shares of the company’s stock, valued at $4,747,133.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Marc Wilson sold 6,942 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total transaction 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 $4,747,133.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $49.43, for a total value of $148,290.00. Following the transaction, the insider now owns 89,643 shares of the company’s stock, valued at $4,431,053.49. The disclosure for this sale can be found here. Insiders sold 297,664 shares of company stock valued at $13,965,618 over the last 90 days. 7.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Amalgamated Bank lifted its holdings in shares of Crinetics Pharmaceuticals by 10.4% during 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 last quarter. Alps Advisors Inc. raised its stake 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 purchasing an additional 618 shares in the last quarter. Comerica Bank acquired a new position in shares of Crinetics Pharmaceuticals in the first quarter valued at $33,000. Hennion & Walsh Asset Management Inc. raised its stake in shares of Crinetics Pharmaceuticals by 2.5% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company’s stock valued at $1,783,000 after purchasing an additional 927 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Crinetics Pharmaceuticals in the fourth quarter valued at $36,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

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.