Crinetics Pharmaceuticals (NASDAQ:CRNX) Earns Buy Rating from HC Wainwright

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research note issued on Monday,Benzinga reports. They currently have a $81.00 target price on the stock. HC Wainwright’s price target points to a potential upside of 134.99% from the company’s current price.

Several other analysts have also recently commented on CRNX. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. Citizens Jmp reaffirmed a “market outperform” rating and set a $95.00 price objective on shares of Crinetics Pharmaceuticals in a report on Thursday. Finally, Oppenheimer decreased their price objective on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.13.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $34.47 on Monday. The business has a fifty day moving average of $37.33 and a 200-day moving average of $42.63. Crinetics Pharmaceuticals has a twelve month low of $25.83 and a twelve month high of $57.99. The firm has a market cap of $3.63 billion, a PE ratio of -6.72 and a beta of 0.24.

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

Insider Buying and Selling at Crinetics Pharmaceuticals

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

Institutional Trading of Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP raised its position in shares of Crinetics Pharmaceuticals by 44.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after acquiring an additional 2,574,683 shares during the period. Farallon Capital Management LLC grew its holdings 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 valued at $322,736,000 after purchasing an additional 1,163,000 shares during the period. Janus Henderson Group PLC increased its stake in Crinetics Pharmaceuticals by 1.8% in the first quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock valued at $164,227,000 after purchasing an additional 79,560 shares in the last quarter. Paradigm Biocapital Advisors LP increased its stake in Crinetics Pharmaceuticals by 8.8% in the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock valued at $106,240,000 after purchasing an additional 207,221 shares in the last quarter. Finally, Siren L.L.C. raised its holdings in Crinetics Pharmaceuticals by 26.3% in the first quarter. Siren L.L.C. now owns 1,903,636 shares of the company’s stock worth $69,140,000 after purchasing an additional 396,000 shares during the period. 98.51% of the stock is owned by institutional investors.

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.