Crinetics Pharmaceuticals (NASDAQ:CRNX) Given Buy Rating at HC Wainwright

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They currently have a $81.00 target price on the stock. HC Wainwright’s target price would indicate a potential upside of 134.99% from the stock’s current price.

A number of other equities analysts have also recently issued reports on CRNX. Citizens Jmp restated a “market outperform” rating and issued a $95.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. Oppenheimer dropped their price target on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating for the company in a research report on Monday, May 11th. Finally, Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $76.13.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $34.47 on Monday. The stock has a 50 day moving average of $37.33 and a two-hundred day moving average of $42.63. Crinetics Pharmaceuticals has a 12 month low of $25.83 and a 12 month high of $57.99. The company has a market capitalization of $3.63 billion, a P/E ratio of -6.72 and a beta of 0.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The firm had revenue of $10.73 million for the quarter, compared to the consensus estimate of $8.51 million. During the same quarter in the prior year, the firm posted ($1.04) earnings per share. The business’s revenue for the quarter was up 2873.4% on a year-over-year basis. Sell-side analysts predict that Crinetics Pharmaceuticals will post -4.85 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Jeff E. Knight sold 85,163 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the completion of the transaction, the insider directly owned 105,289 shares of the company’s stock, valued at approximately $4,222,088.90. This trade represents a 44.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Large investors have recently made changes to their positions in the company. Wellington Management Group LLP lifted its holdings in Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after purchasing an additional 2,574,683 shares during the last quarter. Farallon Capital Management LLC grew its stake in Crinetics Pharmaceuticals by 20.2% during the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after buying an additional 1,163,000 shares during the last quarter. Janus Henderson Group PLC grew its stake in Crinetics Pharmaceuticals by 1.8% during the first quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock worth $164,227,000 after buying an additional 79,560 shares during the last quarter. Paradigm Biocapital Advisors LP increased its holdings in shares of Crinetics Pharmaceuticals by 8.8% during the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock worth $106,240,000 after buying an additional 207,221 shares in the last quarter. Finally, Siren L.L.C. increased its holdings in shares of Crinetics Pharmaceuticals by 26.3% during the first quarter. Siren L.L.C. now owns 1,903,636 shares of the company’s stock worth $69,140,000 after buying an additional 396,000 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.