Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $74.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price lifted by stock analysts at Citigroup from $70.00 to $74.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 35.23% from the company’s current price.

CRNX has been the topic of several other research reports. JMP Securities reiterated a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Oppenheimer reaffirmed an “outperform” rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, HC Wainwright lifted their price target on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.18.

Crinetics Pharmaceuticals Stock Down 8.3 %

CRNX opened at $54.72 on Thursday. The firm’s 50 day moving average is $54.97 and its 200-day moving average is $51.23. Crinetics Pharmaceuticals has a 52-week low of $27.55 and a 52-week high of $62.53. The firm has a market capitalization of $5.07 billion, a P/E ratio of -14.67 and a beta of 0.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the previous year, the firm earned ($1.01) EPS. Equities analysts expect that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 1,035 shares of the business’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 completion of the transaction, the insider now directly owns 68,576 shares of the company’s stock, valued at $3,531,664. The trade was a 1.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Marc Wilson sold 25,000 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. This trade represents a 18.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,410 shares of company stock worth $2,275,929 over the last quarter. 6.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC raised its position in shares of Crinetics Pharmaceuticals by 75.5% during the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock worth $10,614,000 after buying an additional 89,358 shares in the last quarter. Castleark Management LLC acquired a new position in shares of Crinetics Pharmaceuticals during the third quarter valued at approximately $3,748,000. State Street Corp raised its holdings in Crinetics Pharmaceuticals by 0.9% during the third quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after purchasing an additional 25,561 shares in the last quarter. Cinctive Capital Management LP acquired a new stake in Crinetics Pharmaceuticals in the third quarter worth approximately $2,527,000. Finally, Vestal Point Capital LP bought a new position in Crinetics Pharmaceuticals during the 3rd quarter valued at $10,476,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

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.