Crinetics Pharmaceuticals’ (CRNX) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a report released on Friday morning,Benzinga reports. HC Wainwright currently has a $81.00 target price on the stock.

Separately, Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a “buy” rating and a $60.00 price objective on the stock. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $74.56.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $29.96 on Friday. Crinetics Pharmaceuticals has a 52-week low of $24.10 and a 52-week high of $62.53. The stock has a market cap of $2.81 billion, a PE ratio of -7.84 and a beta of 0.28. The firm’s 50 day moving average price is $31.47 and its two-hundred day moving average price is $35.91.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The firm had revenue of $0.36 million during the quarter, compared to analyst estimates of $0.10 million. During the same quarter in the prior year, the company earned ($0.93) EPS. The firm’s revenue was down 43.6% compared to the same quarter last year. As a group, sell-side analysts predict that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Activity

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $32.23, for a total value of $3,141,877.09. Following the transaction, the insider now directly owns 99,713 shares of the company’s stock, valued at $3,213,749.99. This represents a 49.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently made changes to their positions in CRNX. KBC Group NV increased its position in Crinetics Pharmaceuticals by 10.0% during the 1st quarter. KBC Group NV now owns 4,082 shares of the company’s stock worth $137,000 after buying an additional 370 shares during the period. MetLife Investment Management LLC increased its position in Crinetics Pharmaceuticals by 0.7% during the 1st quarter. MetLife Investment Management LLC now owns 53,414 shares of the company’s stock worth $1,792,000 after buying an additional 394 shares during the period. Martingale Asset Management L P increased its position in Crinetics Pharmaceuticals by 1.9% during the fourth quarter. Martingale Asset Management L P now owns 22,484 shares of the company’s stock worth $1,150,000 after acquiring an additional 410 shares during the period. GF Fund Management CO. LTD. increased its position in Crinetics Pharmaceuticals by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company’s stock worth $80,000 after acquiring an additional 428 shares during the period. Finally, Arizona State Retirement System increased its position in Crinetics Pharmaceuticals by 1.8% during the first quarter. Arizona State Retirement System now owns 23,899 shares of the company’s stock worth $802,000 after acquiring an additional 430 shares during the period. Institutional investors own 98.51% of the company’s stock.

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.