Crinetics Pharmaceuticals (NASDAQ:CRNX) Given New $70.00 Price Target at Morgan Stanley

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target increased by Morgan Stanley from $50.00 to $70.00 in a research note released on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently commented on CRNX. Jonestrading increased their price objective on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a buy rating in a research report on Wednesday, March 20th. Cantor Fitzgerald reiterated an overweight rating and issued a $65.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, May 14th. Citigroup assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They set a buy rating and a $68.00 price objective on the stock. Robert W. Baird boosted their target price on shares of Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an outperform rating in a research note on Thursday, February 29th. Finally, Oppenheimer raised their price target on Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an outperform rating in a research note on Wednesday, March 20th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of Moderate Buy and a consensus price target of $60.92.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $47.47 on Thursday. The firm has a market cap of $3.74 billion, a P/E 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 firm has a 50-day simple moving average of $46.17 and a two-hundred day simple moving average of $39.54.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.09). The firm had revenue of $0.64 million for the quarter, compared to the consensus estimate 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 was down 76.1% on a year-over-year basis. During the same period last year, the business earned ($0.85) EPS. On average, equities research analysts predict that Crinetics Pharmaceuticals will post -3.53 EPS for the current year.

Insider Activity

In related news, insider Dana Pizzuti sold 15,089 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $44.06, for a total value of $664,821.34. Following the completion of the sale, the insider now directly owns 27,786 shares of the company’s stock, valued at approximately $1,224,251.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Dana Pizzuti sold 15,089 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $44.06, for a total value of $664,821.34. Following the completion of the transaction, the insider now owns 27,786 shares of the company’s stock, valued at approximately $1,224,251.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard Scott Struthers sold 107,448 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $49.40, for a total value of $5,307,931.20. Following the completion of the sale, the chief executive officer now owns 257,485 shares of the company’s stock, valued at approximately $12,719,759. The disclosure for this sale can be found here. Insiders have sold a total of 297,664 shares of company stock valued at $13,965,618 in the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Crinetics Pharmaceuticals by 23.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 36,875 shares of the company’s stock worth $1,097,000 after buying an additional 7,021 shares in the last quarter. Teacher Retirement System of Texas lifted its stake in Crinetics Pharmaceuticals by 35.4% in the 3rd quarter. Teacher Retirement System of Texas now owns 13,857 shares of the company’s stock worth $412,000 after purchasing an additional 3,620 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Crinetics Pharmaceuticals by 26.7% during the third quarter. Principal Financial Group Inc. now owns 17,301 shares of the company’s stock valued at $515,000 after purchasing an additional 3,649 shares in the last quarter. Victory Capital Management Inc. bought a new stake in shares of Crinetics Pharmaceuticals in the third quarter worth about $1,338,000. Finally, Arizona State Retirement System lifted its position in shares of Crinetics Pharmaceuticals by 42.2% in the third quarter. Arizona State Retirement System now owns 15,070 shares of the company’s stock worth $448,000 after buying an additional 4,471 shares in the last quarter. 98.51% of the stock is currently owned by 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.